5 Best Weed Stocks to Buy Now

3. Innovative Industrial Properties, Inc. (NYSE: IIPR)

Number of Hedge Fund Holders: 23

San Diego-based real estate investment trust (REIT) Innovative Industrial Properties, Inc. (NYSE: IIPR) ranks 3rd in our list of 10 best weed stocks to buy now. Innovative Industrial Properties, Inc. is not a weed producer. We included it in our list because it leases to the fastest-growing cannabis growers in the US, including Cresco Labs Inc. (OTC: CRLBF) and Cresco Labs Inc. (OTC: CURLF). The REIT buys properties and rents them back to marijuana growers. The company owned 69 properties in the United States that were 100% leased to state-licensed medical-use cannabis operators as of April 19th, 2021, totaling approximately 6.2 million rentable square feet.

The company has a market cap of $4 billion and a revenue of $116.9 million in 2020, up 161.7% year over year. Shares of IIPR surged 128% over the past twelve months.

At the end of the fourth quarter of 2020, 23 hedge funds in the database of Insider Monkey held stakes of Innovative Industrial Properties, Inc. (NYSE: IIPR), up from 20 in the previous quarter. The total value of these stakes at the end of Q4 is $318 million. 

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