This Unusual Pot Stock Is Thriving Amid the Cannabis Boom
The cannabis boom amid the coronavirus pandemic benefited the marijuana industry to a large extent. That said, U.S. cannabis companies, even with a limited legal market, outshone their Canadian counterparts. The Canadian pot industry is still challenged with regulatory hold-ups, fewer legal stores than anticipated, and rising black market sales.
The marijuana boom also proved beneficial even for companies that do not directly grow or produce marijuana. One such pot-related company is Innovative Industrial Properties (NYSE: IIPR), a real estate investment trust (REIT) that acquires properties from medical cannabis companies and leases them back.
Because marijuana is illegal at the federal level, some investors are hesitant about cannabis companies. This unconventional pot stock offers a safe choice for those investors because it has no direct involvement with cannabis. The company had an excellent 2020 and an even better start to 2021, with strong first-quarter results. Let's recap how it performed and see what can we expect from its upcoming second-quarter results due tomorrow, Aug. 5.
Source Fool.com
