Ever Heard of a Cannabis REIT?

A little-known REIT benefiting from the cannabis craze is a big opportunity.

Canada’s decision on June 19 to become the first advanced economy to legalize recreational marijuana was the trigger that blasted many cannabis stocks into the stratosphere.

You’ve most likely seen the dramatic returns of companies like Tilray (Nasdaq: TLRY) reported on major financial news programs. Perhaps you wish you’d gotten into one or two of them early enough to enjoy the ride.

If you missed out, here’s a play you may not have considered. Luckily, it’s not too late to get in.

The company is called Innovative Industrial Properties (NYSE: IIPR) – a name you most likely haven’t heard of.

Here’s a quick summary…

Based in California, Innovative Industrial Properties is a real estate investment trust (REIT) that purchases medical cannabis growing facilities and leases them back to state-licensed medical-use cannabis growers.

Since it operates as a REIT, the company is required to pay a majority of its earnings to shareholders in the form of a dividend to avoid normal corporate income taxation. So you get all the benefits of explosive cannabis growth – all in one of the most tax-friendly investment environments possible.

Thanks to the fact that its property portfolio doubled in size in less than a year, Innovative Industrial Properties has gained 162% over the last 52 weeks – compared with the S&P 500’s gain of 3.8%.

And when it comes to growth, Innovative Industrial Properties’ income statement is a thing of beauty…

With trailing three-month revenues of $12.29 million (accounting for $2.18 in revenue per share), Innovative Industrial Properties has enjoyed year-over-year quarterly revenue growth of 151%. And – prepare yourself – quarterly earnings growth of a whopping 448%.

When it comes to investments, two things are clear. One, Wall Street loves growth – and is willing to pay a large premium for it. Two, in the recent market environment, Wall Street also loves cannabis stocks.

Combine those factors, and Innovative Industrial Properties is a position you should consider adding to your speculative small cap portfolio.

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