Top Cannabis Dividend Stocks to Watch in September 2026
The cannabis sector continues to evolve as investors search for opportunities beyond traditional marijuana producers and dispensary operators. One area attracting attention is cannabis real estate investment trusts, or cannabis REITs. These companies offer investors another way to participate in the expanding legal cannabis industry. Instead of selling marijuana products, cannabis REITs provide real estate and financing to licensed operators. Therefore, they can generate revenue without directly handling cannabis. This business structure has also made several cannabis REITs attractive dividend stocks. Many offer dividend yields considerably higher than those available from traditional income investments. As a result, income investors may find this small corner of the marijuana stock market especially interesting. However, higher dividend yields usually come with additional risks. Cannabis remains federally illegal in the United States. Consequently, marijuana businesses continue facing banking, financing, taxation, and regulatory challenges. These difficulties can also affect landlords and lenders serving the industry.
Cannabis REITs Offering High Dividends
Still, cannabis REITs can benefit from the industry’s limited access to traditional financing. Many marijuana operators need significant capital for cultivation facilities, processing centers, warehouses, and dispensaries. Cannabis REITs can provide that capital through property acquisitions, sale-leasebacks, or secured loans. In return, these companies can collect rental income or interest payments at attractive rates. Additionally, REIT structures generally distribute significant portions of taxable income to shareholders. That can make them appealing to investors seeking high-dividend cannabis stocks.
Innovative Industrial Properties, NewLake Capital Partners, and Chicago Atlantic Real Estate Finance are three important names in this category. Each company approaches cannabis financing differently. IIPR owns a large portfolio of specialized properties. NewLake also owns cannabis real estate while maintaining relatively low leverage. Meanwhile, Chicago Atlantic primarily provides secured loans to cannabis operators. Together, these companies offer three different approaches to combining cannabis exposure with income potential. Therefore, IIPR, NLCP, and REFI are three marijuana stocks worth watching during September 2026.
[Read More] Cannabis Stocks And Rescheduling: What Investors Should Watch In 2026
Cannabis REITs in 2026: 3 High-Dividend Stocks to Watch Now
- Innovative Industrial Properties (NYSE: IIPR)
- NewLake Capital Partners (OTCQX: NLCP)
- Chicago Atlantic Real Estate Finance (NASDAQ: REFI)
Innovative Industrial Properties (NYSE: IIPR)
Innovative Industrial Properties is one of the best-known real estate investment trusts serving the regulated U.S. cannabis industry. The company provides specialized real estate capital to licensed cannabis operators across major legal markets. IIPR primarily acquires properties and leases them to cannabis companies under long-term agreements. As of June 30, 2026, IIPR owned 108 properties across 19 states. Those properties included approximately 8.4 million rentable square feet. Illinois represented its largest market by annualized base rent, accounting for roughly 14.9% of the portfolio. Pennsylvania and Massachusetts were also major markets for the company.
However, IIPR does not operate traditional dispensaries like a multistate cannabis retailer. Instead, its portfolio primarily consists of cultivation, processing, distribution, and related cannabis facilities. Retail properties represent only a small portion of the overall portfolio. Therefore, IIPR gives investors cannabis exposure through real estate rather than direct marijuana sales. This structure remains attractive for income-focused cannabis investors.
Latest Financials
For the second quarter of 2026, Innovative Industrial Properties reported total revenue of $63.3 million. That represented a 0.7% increase from $62.9 million one year earlier. Meanwhile, net income attributable to common shareholders reached $40.7 million, or $1.36 per diluted share. Adjusted funds from operations reached $53.0 million, equal to $1.83 per diluted share. Additionally, IIPR declared a quarterly common dividend of $1.90 per share. That represents an annualized dividend rate of $7.60 per share. The company has now paid more than $1.2 billion in common dividends since its inception. Furthermore, IIPR completed a $402.5 million exchangeable senior notes offering during the quarter. However, cannabis tenant defaults and property dispositions remain important risks for shareholders. New leases and contractual rent increases helped offset some of those pressures during the quarter. Nevertheless, IIPR remains an important high-dividend cannabis REIT to monitor during September 2026.
[Read More] 3 Top Marijuana Stocks to Watch in September 2026
NewLake Capital Partners (OTCQX: NLCP)
NewLake Capital Partners is another cannabis-focused real estate investment trust worth watching during September 2026. The company provides real estate capital to state-licensed cannabis operators throughout the United States. NewLake primarily uses sale-leaseback transactions, acquisitions, and build-to-suit investments to generate rental income. Following an August acquisition, NewLake owned 35 properties across 13 states. Its leased portfolio included 20 dispensaries and 12 cultivation properties.
Pennsylvania represented its largest market by annualized base rent, accounting for approximately 25% of the portfolio. Florida followed at about 20.7%, while Illinois accounted for another 19.4%. Therefore, those three states account for a substantial portion of NewLake’s rental business. The company works with several established cannabis operators across its portfolio. Moreover, NewLake acquired another Kentucky dispensary in August for approximately $600,000. The company also committed roughly $1.6 million toward property improvements. NewLake’s smaller portfolio provides potential expansion opportunities. However, investors should continue monitoring tenant concentration, vacancies, and cannabis industry credit conditions.
Latest Financials
NewLake Capital Partners reported second-quarter 2026 revenue of approximately $12.1 million. Revenue declined 6.5% from approximately $12.9 million during the comparable 2025 quarter. The decline primarily reflected lost rental income from three properties available for lease. However, contractual rent increases and newer Ohio dispensaries partially offset those declines. Net income attributable to common shareholders totaled approximately $5.9 million, or $0.29 per share. Meanwhile, funds from operations reached $9.9 million, or $0.47 per share. Adjusted funds from operations totaled $10.3 million, equal to $0.49 per share. Additionally, NewLake declared a quarterly dividend of $0.43 per share. That equals an annualized dividend of $1.72 per share. Its AFFO payout ratio was 88% for the quarter. NewLake also finished June with $25.8 million in cash and only $7.6 million outstanding under its credit facility. Consequently, its conservative leverage remains an important strength. Therefore, NLCP remains a notable high-dividend marijuana stock for September 2026.
[Read More] 3 Marijuana Stocks To Focus On For Future Growth And Profits
Chicago Atlantic Real Estate Finance (NASDAQ: REFI)
Chicago Atlantic Real Estate Finance provides another way for investors to gain financial exposure to America’s regulated cannabis industry. Unlike IIPR and NewLake, REFI primarily operates as a commercial mortgage real estate investment trust. The company provides secured loans primarily to state-licensed cannabis operators in limited-license markets. Therefore, investors gain cannabis exposure through lending instead of direct dispensary ownership.
As of June 30, 2026, REFI had approximately $453.1 million in outstanding loan principal. Its portfolio included 26 companies and produced a weighted average yield to maturity of 15.8%. Additionally, REFI completed an important transaction shortly after the quarter ended. The company received approximately $62.5 million of second-lien notes through the Koach transaction. Those notes are secured by mortgages covering 32 cannabis retail and related properties. However, those properties are collateral and are not REFI-operated dispensaries. This distinction remains important for investors. Overall, REFI’s specialized lending strategy can generate attractive returns. However, borrower defaults and cannabis credit conditions remain important risks.
Latest Financials
Chicago Atlantic reported second-quarter 2026 net interest income of approximately $12.8 million. That compared with approximately $13.1 million during the first quarter of 2026. It also declined from approximately $14.4 million during the second quarter of 2025. Management said repayment and deployment timing negatively affected quarterly earnings. However, the company generated $59.2 million of gross originations during the quarter.
Meanwhile, its loan portfolio maintained a weighted average yield to maturity of 15.8%. Approximately 3.7% of outstanding principal was on non-accrual status at quarter-end. That improved from approximately 4.8% during the previous quarter. Additionally, REFI declared a regular quarterly dividend of $0.47 per share. That represents an annualized dividend rate of $1.88 per share. Management expects its 2026 dividend payout ratio to remain around 90% to 100% of distributable earnings. Therefore, investors should monitor credit quality, loan growth, dividends, and merger developments. REFI remains an intriguing high-dividend cannabis stock for September 2026.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
