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Standard & Poor’s just made history . . .
With the addition of a marijuana stock to its widely followed index.
After 45% year-to-date gains for a popular marijuana stock index, it’s the latest sign that “pot stocks” are going mainstream.
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The S&P 600 Index will add shares of Innovative Industrial Properties (NYSE: IIPR).
The index tracks 600 small-cap U.S. stocks with market values between $450 million – $2.1 billion
The S&P 600 is less well-known than the benchmark S&P 500 index.
The Vanguard S&P Small-Cap 600 ETF (NYSE: VIOO) is an exchange-traded fund that tracks the index. It’s a sizable fund, with $2.1 billion in assets under management.
So, what is Innovative Industrial Properties?
The company is a real estate firm that owns properties serving the medical marijuana market.
Specifically, the firm owns properties and leases space to licensed cannabis growers. The company only operates in states where cannabis has been legalized.
Operating in 10 states, the company has 12 properties with over 1 million square feet. Currently, the properties have a 100% occupancy rate.
Innovative Properties was selected for the S&P 600 index as a result of the company’s size.
The stock has been a strong performer. Shares have tripled in price since an initial public offering in late 2017.
Meanwhile, 44% gains in 2019 make this one of the best-performing stocks.
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This company is unlike other cannabis companies including Canopy Growth (NYSE: CGC), Cronos Group (NASDAQ: CRON), and Tilray (NASDAQ: TLRY). Specifically, the company doesn’t “touch the cannabis plant.”
That may be one reason that S&P selected this marijuana stock for its index – rather than one of the larger and more popular cannabis stocks.
Standard & Poor’s knows that many large investors still shun cannabis stocks. Therefore, inclusion of either Canopy Growth or Tilray in the S&P 600 index could have created some problems for S&P (and resulted in less fees).
It’s still the early innings for the cannabis market. And it’s your chance to cash-in on a once-in-a-lifetime opportunity.
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