This Pot stock pays a dividend! $IIPR – September 10, 2024
This is Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at Innovative Industrial Properties ( NYSE: IIPR ).
This is in the Cannabis space, but they are not a pot stock grower. From what I understand they own property that cannabis companies use, and they pay a dividend. Now, it’s really hard to find a pot stock; a stock that’s in a sector like this, that does pay a dividend.
This is a very unique stock, and as we can see, right off the bat here, this stock has been trending beautifully up this cluster of moving averages. Just today we tapped up against a pretty interesting area of resistance. If I zoom out here, we can see that this area of resistance dates all the way back to December of 2022.
This is a pretty key level if this stock can get above and stay above I definitely think that this uptrend will continue. So keep an eye on Innovative Industrial Properties ( NYSE: IIPR ). We have local support down here at around 119.00. And as long as it holds above that 21-day and 50-day, I think that this is a stock that you can hold, let it trend, and then get paid out that dividend, which according to TradingView, is pretty lucrative, $190.00.
It is pretty interesting to have this kind of stock in the Cannabis space. And not only that, it’s trending up so it’s not like a dividend stock that is just chopping sideways and paying you out it’s also going up in volume. So you are accruing the value from, ideally, the trend continuing. And then you’re getting a bonus hit with that dividend.
So keep an eye on Innovative Industrial Properties ( NYSE: IIPR ). A shout-out to Mike in the Stock Market Mentor Trading Room, he brought this stock to my attention.
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