Cannabis sales have been on the rise ever since marijuana was deemed an “essential item” during pandemic-related lockdowns.
The other is an unconventional cannabis stock that has no direct involvement with cannabis, but is taking advantage of the marijuana boom.
But after its recent acquisition of Arizona-based Harvest Health & Recreation, the company has plans to expand, and its recent first-quarter results ended March 31 are proof of that.
Revenue grew 102% year over year to $194 million, and adjusted EBITDA came in at $91 million, up 87% from the year-ago period.
Trulieve acquired Harvest Health in May in a $2.1 billion deal that is expected to be completed in the third quarter, subject to shareholder approval.
In 2021, Trulieve expects the combined company to bring in around $1.2 billion in revenue and $461 million in adjusted EBITDA.
But there’s one real estate investment trust is a REIT that acquires properties from medical cannabis companies, then leases them back.
In its recent first quarter rose by 117% to $38 million for the quarter.
As a REIT, the company is legally bound to pay 90% of its income as dividends; its rising AFFO is proof that it does so consistently, which is at least as important as having a high yield.
Volatility in an emerging industry is common, and the fact that it’s not directly involved with marijuana keeps Innovative Industrial Properties insulated from this, making it a good cannabis-related stock to invest in.