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Top Cannabis Dividend Stocks for November (Real Yields, Real Risks)

Cannabis ā€œgrowersā€ almost never pay dividends. The consistent checks are in the landlords and lenders serving themā€”and a few adjacent giants with cannabis exposure. Below, four core income names (plus two steadier sidecars) you can screen quickly for November.

Where the income actually lives

Innovative Industrial Properties (IIPR) is the sectorā€™s flagship net-lease REIT, owning specialized cultivation facilities on long leases. The board declared $1.90 for Q3 (annualized $7.60), with the last ex-date 9/30/25 and payment 10/15/25. Q3 AFFO was $1.71/share, so the quarterā€™s AFFO payout ran ~111%, something to watch even as management highlights balance-sheet strength.

Chicago Atlantic Real Estate Finance (REFI) is a commercial mortgage REIT that lends senior-secured to state-licensed operators. Q3 regular was $0.47 (annualized $1.88), paid 10/15/25 to holders of record 9/30/25; Q3 distributable earnings were ~$0.50/share, implying a ~94% payout on that measure. Management continues to target 90ā€“100% of distributable earnings.

NewLake Capital Partners (NLCP) is a smaller net-lease REIT (OTCQX) with a growing but conservative profile. The board declared $0.43 for Q3 (annualized $1.72); management pegged the AFFO payout at ~82%. Last ex-date 9/30/25; the company pays quarterly and typically sets Q4 late-December.

Advanced Flower Capital (AFCG) (rebranding as Advanced Flower Capital) is a cannabis lender transitioning toward a BDC model. The board declared $0.15 for Q3 (paid 10/15/25; ex-date 9/30/25). Q2 distributable earnings were $0.15/share, matching the dividend; Q3 results arrive Nov. 12. This one carries elevated credit and policy riskā€”and the dividend has been stepped down over the last two years.

Quick screen: yields, payout, dates (todayā€™s prices)

Ticker

Price*

Annual Dividend

Yield

Payout Ratio

3Y Div Growth

Next Ex-Date

IIPR

$51.83

$7.60

14.7%

~111% (Q3 AFFO)

~2.3%

TBD (Q4 typically late Dec)

REFI

$12.90

$1.88

14.6%

~94% (Q3 DE)

~1%

TBD (Q4 typically late Dec)

NLCP

$12.99

$1.72

13.2%

~82% (Q3 AFFO)

~6%

TBD (Q4 tends to late Dec)

AFCG

$3.23

$0.60**

18.6%

~100% (Q2 DE)

ā‰ˆ āˆ’35%

TBD

Notes on methodology. Yield = annualized dividend / current price. For REIT payout, we show AFFO/distributable earnings where available (more relevant than EPS). If a next ex-date isnā€™t yet posted, we mark TBD rather than guess.

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Company snapshots (what to watch)

IIPR ā€” big, liquid, still high yield. Headline payout looks rich because Q3 AFFO ($1.71) trailed the $1.90 dividend. Watch tenant collections and the mix shift after recent strategic investments. If AFFO normalizes toward the dividend, the risk eases; if not, the board may reassess.

REFI ā€” lender with an active pipeline. Q3 distributable earnings of about $0.50/share covered the $0.47 dividend; management reiterated its 90ā€“100% payout stance and left the door open to a year-end special if taxable income requires it. Track credit quality and non-accruals alongside originations.

NLCP ā€” smaller landlord, steady hand. Dividend sits at $0.43, and Q3 commentary pointed to ~82% AFFO payout with collections stability. Liquidity looks adequate for selective tenant improvements, but remember OTC listing = thinner trading and wider spreads.

AFCG ā€” highest headline yield, highest moving parts. The board held at $0.15 as the company works through non-accruals and shifts structure. With DE matching the dividend last quarter, cushion is thin; weā€™ll know more post-earnings on Nov. 12.

ā€œSidecarsā€ with cannabis exposure (steadier checks)

If you want dividend ballast with tangential cannabis ties:

  • Altria (MO) holds a strategic stake in cannabis-adjacent assets and remains a 7%+ yielder after its August raise to $1.06/qtr. Next ex-date: 12/26/25.

  • British American Tobacco (BTI) owns a stake in Organigram and pays quarterly ADR dividends (~$3.00 forward; current pay in November from the October ex-date).

  • Scotts Miracle-Gro (SMG) isnā€™t cannabis, but its hydroponics arm ties inā€”and it just declared $0.66 with ex-date 11/21/25. Yield ~4ā€“5% at todayā€™s price. (The Scotts Miracle-Gro Company)

(These are adjacency playsā€”dividend strength with only indirect cannabis risk.)

How to use this (fast)

  • Build around coverage. Prefer names where AFFO/DE comfortably cover the check (NLCP, REFI in Q3) and size IIPR/AFCG smaller if you want to keep portfolio income resilient.

  • Mind ex-dates vs. liquidity. OTC names like NLCP can have wider spreads. Use limit orders, especially around late-December ex-dates when volumes bunch up. (Yahoo Finance)

  • Match risk to role. Need maximum headline yield? AFCG. Want scale and property diversification? IIPR. Want steadier ballast? MO/BTI as sidecars. (GlobeNewswire)

Dividend changes (last few market days)

ā€¢ SMG reaffirmed its $0.66 quarterly dividend; ex-date 11/21/25; pay 12/5/25.

Final takeaway: For actual cannabis income, the check writers are the landlords and lenders. Today, IIPR/REFI/NLCP offer double-digit yields, with AFCG as the speculative high-yield capstoneā€”and MO/BTI as steadier sidecars if you want less sector noise.

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Nothing in this newsletter is financial advice. Always do your own research and think for yourself.