The 3 Best Cannabis Stocks to Buy in April 2024


  • Here are some of the top cannabis stocks that could see higher highs.
  • Innovative Industrial Properties (IIPR): IIPR just declared a $1.82 per share dividend, payable on Apr.15 to shareholders of record as of Mar. 28.
  • AFC Gamma (AFCG): TD Cowen recently reiterated a buy rating on the AFCG stock, with a price target of $15.
  • NewLake Capital Partners (NLCP): The board of directors of this cannabis REIT increased its dividend to 41 cents.
Best Cannabis Stocks to Buy in April - The 3 Best Cannabis Stocks to Buy in April 2024

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Cannabis may be one of the most controversial investments. But it may also prove to be one of the most profitable this year for related cannabis stocks. That being said, here are some of the best cannabis stocks to buy for April.

For one, the Pew Research Center just found that about nine in 10 Americans (88%) said that cannabis should be legal for medical or recreational use. About 57% said cannabis should be legal for both medical and recreational use. About 32% said it should just be legal for medical use, while about 11% said cannabis should not be legal at all.

Two, President Biden mentioned cannabis in his State of the Union. In fact, according to The New York Times, he noted he was “directing my cabinet to review the federal classification of marijuana, and expunging thousands of convictions for the mere possession because no one should be jailed for simply using.”

Three, we expect for one of the candidates to advocate for the removal of cannabis from the controlled substance list, and push for federal legalization. If that happens, or we hear about that potential, cannabis stocks could soar.

That being said, investors may want to consider buying cannabis stocks on the cheap, such as:

Innovative Industrial Properties (IIPR)

A close-up shot of a marijuana growhouse. cannabis trends
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On Jan. 10, I highlighted opportunity in Innovative Industrial Properties (NYSE:IIPR), as it traded at around $94. After hitting a recent high of $105.01, it’s slipping on healthy profit-taking. Last trading at $100.02, I’d use weakness to buy more. 

Better, while we wait for potential legalization at the federal level, we can collect its current yield of about 7.22%. IIPR just declared a $1.82 per share dividend, which is payable on April 15 to shareholders of record as of March 28.

Even better, earnings may only get better, as the cannabis story grows. In its most recent quarter, its funds from operations (FFO) was $2.07, which beat by five cents. Revenues of $79.16 million — up 12.3% year over year — beat by $2.68 million. Also, rent collection for its operating portfolio was 100% for the fourth quarter. I should also note IIPR’s operating portfolio is 95.8% leased, as triple net.

AFC Gamma (AFCG)

Dumping Acquisitions Could Signal More Bad News for ACB Stock. overlooked cannabis stocks to buy
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The last time I mentioned AFC Gamma (NASDAQ:AFCG), it traded at around $11.50 on August 14. After hitting a recent high of $12.87, it’s also pulling back on healthy profit-taking. And just like IIPR, I’d use weakness as an opportunity. Plus, AFCG also carries a yield of 15.32% after declaring a dividend of 48 cents, payable Apr. 15 to shareholders of record as of Mar. 31.

Earnings have been solid here, too. In its most recent quarter, it posted EPS of 49 cents, which was in line. Net interest income of $15.97 million — which was down nearly 19% year over year — beat by $60,000.

In addition, TD Cowen recently reiterated a buy rating on the AFCG stock, with a price target of $15. All on news AFC Gamma will spin off its commercial real estate business into an independent real estate investment trust (REIT). 

That, according to TD Cowen, will allow it to concentrate on the cannabis lending side of the business, which is expected to grow. Lake Street analysts also have a buy rating on the stock, with a price target of $18 a share.

NewLake Capital Partners (NLCP)

a marijuana leaf displayed among other numbers related to stock performance
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We can also look at NewLake Capital Partners (OTCMKTS:NLCP), which yields 8.55%. In early March, the board of directors increased its dividend to 41 cents per share of common stock, an increase of 2.5% sequentially and 5.1% year over year. 

The REIT, which provides real estate capital to licensed cannabis operators through sale-leaseback transactions and now owns a portfolio of 31 properties comprised of 14 cultivation facilities and 17 dispensaries. Earnings have also been solid.

In the fourth quarter, the company’s revenues of $13 million were up 6.4% year over year. Net income totaled $7 million from $6.7 million. For full-year 2023, revenue jumped 5.1% year over year to $47.3 million. Net income jumped to $24.6 million from $22 million, as well. 

“We believe we have a portfolio of high-quality assets, strong operating results and cash flow, an unencumbered balance sheet and a growing pipeline of opportunities to invest in,” added CEO Anthony Coniglio

Helping, analysts at Compass Point upgraded NLCP to a buy rating, with an $18.25 target.

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Ian Cooper, a contributor to, has been analyzing stocks and options for web-based advisories since 1999.

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