Top Ancillary Cannabis Stocks to Watch in March 2026
The cannabis sector continues to evolve in early 2026. However, volatility remains a defining feature. Multi-state operators still face pricing pressure. At the same time, capital remains tight across the industry. Therefore, many investors are turning toward ancillary cannabis stocks instead of plant-touching companies.
Ancillary companies do not directly cultivate or sell cannabis. Instead, they provide real estate, financing, or infrastructure support. That distinction can reduce certain regulatory risks. Additionally, it can create steadier cash-flow models than retail operators. For example, REITs collect rent under long-term leases. Meanwhile, cannabis lenders generate income through structured loan agreements.
March 2026 could be a pivotal month for the group. Earnings updates are arriving. Furthermore, investors continue to debate the pace of federal reform. Even so, state-level markets remain active and expanding. That activity supports demand for facilities and capital.
Importantly, ancillary names often trade on fundamentals such as AFFO, net interest income, and dividend coverage. Therefore, investors should monitor cash flow stability, tenant health, and balance sheet strength. In addition, dividend sustainability remains a major catalyst for these stocks.
The following three ancillary cannabis companies stand out heading into March 2026. Each offers a different risk profile. However, all three are directly tied to the broader cannabis ecosystem. Innovative Industrial Properties, NewLake Capital Partners, and Chicago Atlantic Real Estate Finance remain closely watched by income-focused investors.
Below is a detailed breakdown of each company.
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- Innovative Industrial Properties, Inc. (NYSE: IIPR)
- NewLake Capital Partners, Inc. (OTC: NLCP)
- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI)
Innovative Industrial Properties, Inc. (IIPR)
Innovative Industrial Properties is a cannabis-focused real estate investment trust. However, it does not operate dispensaries. Instead, it acquires specialized facilities and leases them to licensed cannabis operators.
As of late 2025, the company owned 111 properties across 19 states. Those properties include cultivation and processing facilities. The portfolio totals roughly 8.9 million rentable square feet.
Although IIPR does not run retail stores, its tenants supply dispensaries nationwide. Therefore, its revenue is indirectly tied to consumer demand. The company’s largest presence is spread across established medical and adult-use markets. It focuses on limited-license states with strong regulatory frameworks.
Importantly, IIPR uses triple-net lease agreements. That means tenants pay property taxes, maintenance, and insurance. As a result, the structure can support predictable rental income. However, tenant credit quality remains the biggest variable. If operators struggle, rent collections can be affected.
In its most recent quarterly report, IIPR generated $66.7 million in revenue. Net income attributable to common shareholders reached $30.7 million. Meanwhile, adjusted funds from operations totaled $53.3 million.
AFFO per share came in at $1.88 for the quarter. That metric is critical for dividend investors. The company declared a quarterly dividend of $1.90 per share. Therefore, payout coverage remains a key focus.
Additionally, management raised capital through debt and preferred equity in late 2025. That move strengthened liquidity. Even so, investors should closely monitor tenant payment updates in 2026.
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NewLake Capital Partners, Inc. (NLCP)
NewLake Capital Partners is another cannabis-focused REIT. However, it operates on a smaller scale than IIPR. The company owns real estate and leases it to licensed operators.
As of late 2025, NewLake owned 34 properties across 12 states. Those properties include 19 dispensaries and 15 cultivation facilities. Therefore, the company has direct exposure to retail real estate.
NewLake concentrates on limited-license markets. That strategy can reduce competitive pressure. Additionally, many of its tenants are established multi-state operators. The company also uses triple-net leases. Consequently, tenants are responsible for most operating expenses.
Unlike plant-touching companies, NewLake does not sell cannabis. However, its rental income depends on operator performance. Therefore, tenant diversification remains critical.
In its most recent quarter, NewLake reported revenue of $12.6 million. Net income attributable to common shareholders reached $6.7 million. Meanwhile, funds from operations totaled $10.7 million. Adjusted funds from operations came in at $11.0 million.
These figures are important because REIT valuations often rely on FFO growth. Additionally, dividend coverage ratios matter. NewLake has historically maintained a strong payout profile.
However, tenant payment headlines impacted sentiment during 2025. Therefore, investors should monitor rent collections closely. March earnings commentary could provide fresh insight into portfolio stability.
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Chicago Atlantic Real Estate Finance, Inc. (REFI)
Chicago Atlantic Real Estate Finance operates differently from traditional REITs. It is primarily a lender to state-licensed cannabis operators. Therefore, it generates income from interest payments rather than rent.
REFI does not operate dispensaries. It also does not own cultivation facilities as a core strategy. Instead, it originates senior secured loans backed by real estate and other collateral.
The company focuses on limited-license states. That approach can reduce borrower risk. Additionally, most loans include rate floors. Therefore, earnings may remain more stable during interest rate shifts.
REFI’s exposure is measured by its loan portfolio, not storefront count. As of late 2025, total loan principal outstanding was approximately $400 million. The portfolio included 26 companies.
In its latest quarterly report, REFI posted net interest income of $13.7 million. Net income diluted totaled $8.9 million. Meanwhile, distributable earnings reached $10.5 million.
Distributable earnings per share were $0.50. The company declared a regular dividend of $0.47 per share. Therefore, dividend coverage appeared solid.
Additionally, the weighted average yield to maturity across the portfolio was 16.5 percent. That high yield reflects elevated industry risk. However, it also supports strong income potential.
Investors should monitor non-accrual loans and credit developments. If borrower performance remains stable, REFI could continue delivering attractive yields.
Ancillary cannabis stocks offer a different path into the sector. They provide exposure without directly touching the plant. However, they are not risk-free. Tenant health, credit quality, and regulatory shifts still matter.
Heading into March 2026, IIPR, NLCP, and REFI remain closely watched. Each company provides a unique structure. Therefore, position sizing and risk management remain essential for investors navigating this evolving industry.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
