Top Cannabis REITs to Watch in January 2026
The cannabis sector continues evolving as capital markets slowly reopen.
However, volatility remains high for plant-touching cannabis operators.
Because of that, many investors look toward cannabis real estate investment trusts.
These companies earn income through rent or interest, not cannabis sales.
As a result, revenue can be more predictable during uncertain periods.
Still, not all cannabis REITs follow the same strategy.
Some focus on property ownership, while others specialize in lending.
Therefore, understanding each model is essential before investing.
January 2026 is an important month as investors reassess income opportunities.
Below are three cannabis REITs investors are actively watching this year.
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Where Cannabis Real Estate Investors Are Looking in 2026
- Innovative Industrial Properties (NYSE: IIPR)
- Chicago Atlantic Real Estate Finance (NASDAQ: REFI)
- NewLake Capital Partners (OTC: NLCP)
Innovative Industrial Properties (IIPR)
Innovative Industrial Properties is the largest cannabis-focused REIT in the United States. The company specializes in acquiring industrial cannabis properties. These properties are then leased back to licensed cannabis operators. This sale-leaseback model helps operators access capital while preserving ownership control.
Over time, IIPR has built a broad national footprint. Its portfolio includes more than one hundred properties. These properties are spread across nearly twenty U.S. states. Most assets are cultivation and processing facilities. IIPR does not operate dispensaries directly. Instead, dispensary counts remain with tenant operators. However, many tenants operate extensive retail networks. Therefore, property performance still reflects broader dispensary health. Geographic diversification reduces exposure to single-state regulatory risk. Additionally, long lease terms support recurring revenue visibility.
Annual rent escalators also help offset inflation pressures.
Financially, IIPR has navigated a challenging operating environment. Some tenants experienced liquidity stress during recent quarters. As a result, rent restructures and deferrals occurred. However, the company continues generating positive operating cash flow. Funds from operations remain sufficient to support dividends. Adjusted funds from operations remain a key metric for investors. The balance sheet remains relatively conservative. Debt levels stay manageable compared to equity value.
Liquidity provides flexibility to manage vacancies or reposition assets. Management remains selective with new acquisitions. Dividend stability remains closely monitored by investors. Rent collection trends will drive near-term sentiment. January 2026 will be important for tenant performance updates. Long-term investors continue watching for normalization.
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Chicago Atlantic Real Estate Finance (REFI)
Chicago Atlantic Real Estate Finance operates under a different REIT structure. Instead of owning buildings, it focuses on cannabis lending. Specifically, REFI provides senior secured loans to cannabis operators. This makes it a mortgage-focused cannabis REIT. Income is generated primarily through interest payments.
That structure can produce higher yields than traditional property REITs. REFI targets operators in limited-license states. These markets often support stronger pricing and margins. The company does not own dispensaries or cultivation facilities. Instead, its borrowers operate those assets directly. Portfolio exposure is based on loan size, not property count. This model emphasizes underwriting quality over property management. As a result, credit discipline becomes the primary risk factor.
From a financial perspective, REFI has shown consistent earnings strength. Net interest income remains stable across recent quarters. Distributable earnings continue to cover dividend payments. Dividend yields remain attractive relative to many REIT peers. Book value per share remains an important valuation reference. Leverage remains moderate compared to income generation.
The company also maintains available lending capacity. This allows continued loan origination when conditions are favorable. However, borrower performance remains critical. Any credit deterioration could impact earnings quickly. Therefore, loan repayment trends deserve close attention. January 2026 will highlight borrower stability across markets. Income-focused investors continue monitoring credit metrics closely.
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NewLake Capital Partners (NLCP)
NewLake Capital Partners is a smaller, focused cannabis property REIT. The company acquires cannabis-related real estate through sale-leasebacks. Its portfolio includes both dispensaries and cultivation facilities. Unlike many peers, dispensaries represent a meaningful portion of assets.
NewLake owns more than thirty properties nationwide. These properties span roughly a dozen U.S. states. Tenant count remains relatively concentrated. However, leases are typically long-term and triple-net. This structure shifts property expenses to tenants. Geographic diversification helps manage regulatory risk. The company focuses on secondary and emerging cannabis markets. This strategy can create opportunity, but adds tenant risk.
Financially, NewLake maintains a conservative balance sheet. Revenue has remained relatively stable year over year. Funds from operations remain positive. Adjusted funds from operations continue to cover dividends. Debt levels remain very low compared to asset value. This provides flexibility during tenant disruptions. Management has addressed tenant-specific rent challenges transparently.
Some tenants experienced financial stress in 2025. However, the company continues working through resolutions. Liquidity remains strong relative to portfolio size. Dividend payments remain a key investor attraction. January 2026 will focus on tenant stabilization progress. Improved collections could significantly shift sentiment.
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Final Thoughts
Cannabis REITs offer a different risk profile than traditional cannabis stocks. They focus on income generation rather than retail sales growth. However, tenant health remains the primary risk across the sector. IIPR offers scale and a long operating history. REFI provides yield through secured lending exposure. NLCP offers direct dispensary and property ownership exposure. Each REIT serves a different investor objective. Therefore, diversification remains important. January 2026 may set the tone for the year ahead. Investors should watch earnings, rent collections, and balance sheets closely.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
