Elizabeth Warren Said ‘It’s Time to Legalize Marijuana Nationwide’ Which Could Be Huge For This Stock

In a video post on X this morning, Senator Elizabeth Warren called for the legalization of marijuana nationwide. 

This echoes what she said in a January 29 letter to U.S. Attorney General Merrick Garland and DEA Administrator Anne Milgram, where Senator Warren urged the DEA to “swiftly deschedule marijuana from the Controlled Substances Act.”

If Senator Warren is successful, it could be huge for this real estate investment trust (REIT) in particular.

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Innovative Industrial Properties

Innovative Industrial Properties Inc. (NYSE:IIPR) acquires, owns, and manages specialized properties leased to cannabis companies. As of December 31, 2023, its portfolio consists of 108 properties containing 8.9 million rentable square feet diversified across 19 U.S. states and 30 tenants.

Innovative Industrial Properties currently pays a quarterly dividend of $1.82 per share, equating to an annualized dividend of $7.28 per share and giving its stock a yield of about 7.5% at the time of this writing. 

Innovative Industrial Properties is also a dividend-growth superstar. It has raised its annual dividend payment every year since its initial public offering in 2016, putting it on pace for 2024 to mark the 8th consecutive year with an increase.

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• Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus & Millichap is changing that, allowing individuals to invest in commercial real estate with as little as $5,000. 
• Collecting passive income from real estate just got a whole lot simpler. A new real estate fund backed by Dara Khosrowshahi gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.

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