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If you believe Vice President Kamala Harris will win the election, you may want to invest in all things green. That includes green energy and cannabis.
With cannabis, according to Marijuana Moment, “Kamala Harris called for the legalization of marijuana — signaling a possible shift in the administration’s platform heading into the November elections. Harris told a room of cannabis pardon recipients at the White House on Friday that ‘we need to legalize marijuana,’ a participant in the meeting has revealed.”
If that’s the case, investors may want to jump into cannabis stocks such as:
Innovative Industrial Properties (SYM: IIPR)
One of the best ways to profit from the potential is with a real estate investment trust (REIT), such as Innovative Industrial Properties. The company focuses on acquisition, and management of state-licensed cannabis operators. It owns 108 properties across 19 states with 8.9 million rentable square feet. Better, IIPR carries a current yield of 6.44%. So, not only can we collect that yield, we can make money from appreciation as the cannabis story heats up.
IIPR is also one of the few publicly traded REITs focused exclusively on properties used for cannabis cultivation. It also has high-quality tenants with the potential for strong earnings growth, especially if we see further cannabis legalization efforts in the U.S.
In its most recent quarter, the REIT posted second quarter funds from operations of $2.06, which beat estimates by six cents. Revenue of $79.8 million, up 4.4% year over year beat by $2.54 million. In addition, the REIT acquired a 16-acre property in Florida comprising 145K square feet of industrial space for $13.0M, and executed a long-term lease for the entire property with a subsidiary of AYR Wellness.
What makes IIPR even more exciting are the growing catalysts for cannabis. At the moment, about 88% of the American public wants to see legalization. We’re nearing rescheduling as a Schedule III. There’s speculation we could hear more positive news on potential legalization heading into the election. Florida will soon vote on legalization. And Germany just legalized its use, which could easily set off a domino effect throughout Europe with legalization.
Related Reading: Second wave of AI boom coming in November
Millionaire investor and Republican donor makes surprising election prediction
For over 40 years, Louis Navellier has made a career out of spotting the most promising tech stocks…
Long before anyone else.
Like Apple at just $1.49…
It’s up an incredible 31,000% since.
Or Microsoft at $0.39…
It’s up 15,483% since.
He was on top of Nvidia way back in 2019, long before it became a stock market darling.
And he’s booked a 2,011% return.
Now, Louis says a second boom is coming for AI stocks…
By November’s election, or even sooner.
And he has six specific AI stocks in his crosshairs.
