Dividend Download

Top dividend stocks & news

Cannabis REITs & Lenders Paying Dividends (Sept 2025)

Most “plant-touching” cannabis operators still don’t pay dividends. The steadier income today lives in ancillary REITs and lenders—businesses that collect rent or interest from state-licensed operators and cultivation facilities.

These models are built on long leases or senior loans, which translate into more predictable cash flow than wholesaling flower in a fragmented, federally complex market. That’s why our screen focuses on four names that actually pay and have upcoming Sep 30, 2025 ex-dates for Oct 15 payouts.

Innovative Industrial Properties (IIPR) — equity REIT, cultivation real estate (NYSE)
IIPR is the largest, best-known landlord to licensed growers. The dividend is $1.90 quarterly ($7.60 annual) with an upcoming ex-date Sep 30; pay Oct 15. At $57.43, the forward yield screens near 13.2% (7.60 ÷ 57.43).

• Strengths: National footprint; triple-net leases shift many costs to tenants; conservative balance sheet for the sector.
  

• Weaknesses: Tenant stress and rent defaults can pressure AFFO; dividend currently runs rich vs. recent cash flow—watch coverage closely. (Company history page + recent declaration timing).
  

• Sentiment snapshot: Coverage skews cautious, with investors waiting for AFFO to re-sync with the payout.
  

NewLake Capital Partners (NLCP) — equity REIT, net-lease to operators (OTCQX)
NLCP focuses on disciplined underwriting and smaller deal sizes. The dividend is $0.43 quarterly ($1.72 annual) with ex-date Sep 30; pay Oct 15. The current yield ~12.3% per the company’s quote page; our math using $1.72 aligns with that run-rate.

• Strengths: Lower leverage; diversified tenant set; has maintained a steady dividend cadence.
  

• Weaknesses: OTC listing means thinner liquidity and wider spreads; outcomes remain tied to tenant health in a still-evolving industry.
  

• Sentiment snapshot: Smaller analyst universe, but tilts positive given balance-sheet discipline.
  

Chicago Atlantic Real Estate Finance (REFI) — specialty finance REIT, senior-secured lender (NASDAQ)
REFI is a credit vehicle lending at high coupons to state-legal operators. The dividend is $0.47 quarterly ($1.88 annual) with ex-date Sep 30; pay Oct 15. At $13.46, the forward yield is about 14.0%.

• Strengths: Senior-secured focus; floating-rate book supports a high current coupon; active repayments can add fee income.
  

• Weaknesses: Concentrated, higher-risk borrowers; non-accruals or prepayment timing can sway distributable earnings and book value.
  

• Sentiment snapshot: Generally constructive while credit metrics stay clean; investors price it like high-yield credit.
  

AFC Gamma / Advanced Flower Capital (AFCG) — mortgage REIT to the sector (NASDAQ)
AFCG lends against cannabis assets and has reset its payout to reflect portfolio realities. The dividend is $0.15 quarterly ($0.60 annual) with ex-date Sep 30; pay Oct 15. At $4.43, the yield is roughly 13.5%.

• Strengths: Specialist underwriting; room for upside if non-accruals resolve and deployment improves.
  

• Weaknesses: Dividend was reduced vs. prior years; credit headwinds and smaller float increase volatility—treat as speculative income.
  

• Sentiment snapshot: Light coverage, cautiously optimistic but very dependent on credit clean-up.

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.