3 Top Ancillary Cannabis Stocks to Watch in February 2026
The U.S. cannabis industry continues to evolve in 2026. Although operators face margin pressure, the long-term outlook remains compelling. Industry sales are projected to exceed $40 billion in the coming years. Meanwhile, additional state-level reforms continue to expand access. However, federal reform still remains uncertain. Therefore, investors are looking for alternative ways to gain exposure.
Ancillary cannabis companies offer a different approach. These businesses do not touch the plant directly. Instead, they provide real estate or financing to licensed operators. As a result, they can generate revenue through leases or interest payments. Moreover, many ancillary companies operate as REITs. That structure often includes dividend income. Consequently, they may appeal to income-focused investors.
In February 2026, volatility remains part of the sector narrative. Cannabis operators continue to navigate pricing compression. At the same time, capital markets remain selective. Therefore, balance sheet strength matters more than ever. Investors are watching rent collection, loan performance, and liquidity levels. In addition, dividend sustainability remains a key theme.
Three ancillary names stand out this month. Innovative Industrial Properties, NewLake Capital Partners, and Chicago Atlantic Real Estate Finance each offer a unique model. While they operate differently, all three provide infrastructure capital to the cannabis ecosystem. Below is a closer look at each company.
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Dividend-Focused Cannabis Stocks: 3 Ancillary Leaders for 2026
- Innovative Industrial Properties, Inc. (NYSE: IIPR)
- NewLake Capital Partners, Inc. (OCTQX: NLCP)
- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI)
Innovative Industrial Properties, Inc. (NYSE: IIPR)
Innovative Industrial Properties is one of the largest cannabis-focused REITs. The company specializes in acquiring industrial cultivation and processing facilities. It then leases those properties to licensed operators under long-term agreements. This structure allows operators to unlock capital. Meanwhile, IIPR collects predictable rental income.
As of late 2025, IIPR owned 112 properties across 19 states. The portfolio totaled approximately 9 million rentable square feet. Most of the properties are cultivation facilities. However, the company does not operate dispensaries itself. Instead, its tenants operate those locations. Therefore, IIPR’s exposure comes from real estate ownership.
The company’s broad geographic footprint helps diversify tenant risk. Additionally, many leases are structured as triple-net agreements. That means tenants cover property taxes and maintenance costs. Consequently, operating expenses remain relatively stable for the REIT.
For the most recent quarter, IIPR reported revenue of $64.7 million. That figure declined compared with the prior year. The decrease was largely due to tenant defaults and restructuring. Nevertheless, the company maintained liquidity of roughly $79 million.
Debt represented about 13% of total gross assets. That leverage level remains moderate compared with many REIT peers. Furthermore, the company declared a quarterly dividend of $1.90 per share. That equals $7.60 annually.
Investors should monitor rent collection trends closely. In addition, re-leasing efforts on returned properties will be important. While challenges remain, IIPR continues to represent a core ancillary cannabis play.
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NewLake Capital Partners, Inc. (OCTQX: NLCP)
NewLake Capital Partners operates as a smaller cannabis-focused REIT. However, it has built a disciplined and conservative portfolio. The company acquires cultivation and retail properties through sale-leaseback transactions. Then it leases those assets to state-licensed operators.
As of late 2025, NewLake owned 34 properties across multiple states. The portfolio included 15 cultivation facilities and 19 dispensaries. Unlike some peers, NLCP has direct exposure to dispensary real estate. Still, the company does not operate retail stores. It simply owns the properties.
NewLake emphasizes tenant credit quality and lease structure. Many agreements are long-term and triple-net. Therefore, tenants handle insurance, taxes, and maintenance costs. This arrangement supports predictable cash flow.
For the most recent quarter, NewLake reported revenue of $12.6 million. Net income attributable to common stockholders was $6.7 million. Funds from operations totaled approximately $10.7 million. Adjusted funds from operations reached about $11.0 million.
The company declared a quarterly dividend of $0.43 per share. That implies $1.72 annually. In addition, total liquidity stood near $106 million. Cash and equivalents were about $23.6 million at quarter’s end.
Importantly, leverage remains very low. Debt represented roughly 1.6% of total gross assets. Moreover, the company reported no major debt maturities until 2027. Therefore, NLCP enters 2026 with balance sheet flexibility. Investors should continue watching tenant performance. However, the conservative capital structure provides a cushion.
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Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI)
Chicago Atlantic Real Estate Finance takes a different approach. Instead of owning properties, REFI focuses on lending. The company operates as a commercial mortgage REIT. It originates senior secured loans to licensed cannabis operators.
This strategy allows REFI to generate income through interest payments. As of late 2025, the company reported 26 portfolio companies. Total loan principal outstanding was approximately $400 million. Additionally, there were nearly $30 million in unfunded commitments.
Because REFI is a lender, it does not operate dispensaries. It also does not own cultivation facilities directly. Instead, it provides capital for expansion, refinancing, or working capital. Therefore, underwriting discipline becomes essential.
For the most recent quarter, REFI reported net interest income of about $13.7 million. GAAP net income totaled approximately $8.9 million. Basic earnings per share came in around $0.42. Distributable earnings reached roughly $0.50 per share.
The company declared regular dividends of $0.47 per share. Book value per share stood at $14.71. In addition, the weighted average yield to maturity was about 16.5%. That high yield reflects the risk profile of cannabis lending.
REFI reported total leverage of $102 million. It also maintained availability under its revolving credit facility. Therefore, it retains the ability to deploy additional capital selectively. However, investors should monitor credit performance carefully. In cannabis lending, capital preservation matters as much as yield.
Ancillary cannabis stocks remain an important segment of the sector. While operators manage pricing and regulatory shifts, these companies provide infrastructure and financing. Therefore, IIPR, NLCP, and REFI offer differentiated exposure. As February 2026 unfolds, investors will likely focus on liquidity, tenant health, and dividend stability.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
