Cannabis Reits
Existing in a legal "grey area" in which federal, state, and local laws often contradict, cannabis has been federally restricted since the 1930s, but medical usage is now legal in 38 states while recreational usage is legal in 21 states following a wave of successful ballot measures over the past half-decade.
Within the Hoya Capital Cannabis REIT Index, we track the three cannabis equity REITs - Innovative Industrial (IIPR), NewLake Capital (NLCP), and Power REIT (PW) - along with the two mortgage REITs - AFC Gamma (AFCG) and Chicago Atlantic (REFI). Combined, cannabis REITs account for roughly $4B in market value.
| Ticker Symbol | Company Name | Property Sector | Market Cap ($B) | Dividend Yield | Payout Frequency | Price-to-FFO | Debt Ratio | Short Interest | |
|---|---|---|---|---|---|---|---|---|---|
| IIPR | Innovative Industrial |  | Cannabis | 2.39 | 8.45% | Quarter | 10.3 | 10% | 9.3% |
| NLCP | NewLake Capital |  | Cannabis | 0.28 | 11.64% | Quarter | 7.6 | -- | 0.6% |
| AFCG | AFC Gamma |  | Cannabis | 0.24 | 16.47% | Quarter | 5.6 | 26% | 3.9% |
| REFI | Chicago Atlantic |  | Cannabis | 0.28 | 12.12% | Quarter | 6.9 | 30% | 2.6% |
| PW | Power REIT |  | Cannabis | 0.00 | 0.00% | Irreg | 0.3 | 67% | 0.8% |
