The 2024 Millionaire’s Club: 7 Cannabis Stocks to Buy Now

One of the hottest topics of the year has been cannabis stocks to buy, especially with elections nearing. More than 88% of Americans want to see legalization, and the Administration is rescheduling cannabis as a Schedule III drug. As more states legalize it, and even Germany has joined the movement, cannabis popularity is at an all-time high. According to the Associated Press, “For the first time, the number of Americans who use marijuana just about every day has surpassed the number who drink that often, a shift some 40 years in the making as recreational pot use became more legal in nearly half of the states.”

Innovative Industrial Properties (IIPR)

With a yield of 6.74%, Innovative Industrial Properties (NYSE: IIPR) is a real estate investment trust (REIT) focused on the acquisition and management of state-licensed cannabis operators. It owns 108 properties across 19 states with 8.9 million rentable square feet. Additionally, 95.2% of its portfolio is under a triple-net lease. While earnings were mixed, the first-quarter adjusted funds from operations (AFFO) beat expectations. As we wait for further cannabis catalysts, IIPR provides an opportunity to get paid while we wait for upside.

AFC Gamma (AFCG)

AFC Gamma (NASDAQ: AFCG) targets direct lending and bridge loan opportunities, specializing in loans to state-licensed cannabis operators. With a yield of 15.61%, AFCG is another hot, dividend-paying REIT to buy and hold. As cannabis sales likely increase, AFCG could push higher.

Trulieve Cannabis (TCNNF)

Trulieve Cannabis is another standout cannabis stock to buy. After rallying from about $8 to a high of $14.50, TCNNF last traded at $10.50. And again, this…

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