Two prominent players in the cannabis finance industry, Innovative Industrial Properties Inc (NYSE:IIPR) and AFC Gamma (NASDAQ:AFCG), have declared third-quarter 2024 dividends. Both companies, each with a unique approach to serving the U.S. cannabis market, provide crucial financial backing through real estate and lending solutions.

Innovative Industrial Properties Declares $1.90 Dividend

Innovative Industrial Properties (IIP), the pioneering real estate investment trust (REIT) focused on the U.S. cannabis sector, continues its streak of rewarding shareholders.

The company announced a third-quarter dividend of $1.90 per common share, translating to an annualized dividend of $7.60 per share. This marks IIP's 30th consecutive quarterly dividend since its inception in 2016.

Paul Smithers, president and CEO of IIP, expressed his enthusiasm for the milestone: "We are proud to declare our 30th consecutive quarterly dividend since our inception in 2016. Since then, we have continued to share our growing cash flows with our stockholders by declaring over $830 million of common stock dividends."

In addition to common stock dividends, IIP's board has also declared a regular quarterly dividend of $0.5625 per share for its 9.00% Series A Cumulative Redeemable Preferred Stock. Both dividends are set to be paid on Oct. 15, 2024, to shareholders of record as of Sept. 30, 2024.

IIP's business model involves acquiring and leasing industrial properties to cannabis operators across the U.S., offering a valuable real estate solution to a sector often lacking traditional financial services.

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AFC Gamma's First Post-Spin-Off Dividend

AFC Gamma, a commercial mortgage REIT specializing in loans to state-compliant cannabis operators, also announced its third-quarter dividend. The board declared a dividend of $0.33 per common share, payable on Oct. 15, 2024, to stockholders of record as of Sept. 30, 2024. This announcement marks AFC Gamma's first dividend post-spin-off.

Based in West Palm Beach, Florida, AFC Gamma provides institutional loans to cannabis businesses, with a focus on structuring deals secured by high-quality assets such as real estate and licenses.

AFC Gamma's management leverages deep expertise in both credit and cannabis to underwrite significant loan deals, ranging from $10 million to over $100 million. By supporting cannabis operators with substantial financial backing, the company plays a critical role in the development and expansion of the legal cannabis market in the U.S.

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