These two cannabis stocks are strong picks in 2023

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Familiar names in the cannabis space make great investment targets

The continuous decriminalization of marijuana consumption in different parts of the country and the world is giving wings to a new industry that is looking for alternative solutions to find investors. In a market that promises vertiginous growth in a matter of a few years, firms are starting to join a new market, yet to be exploited. Investing in marijuana shares is attractive because of the industry’s current potential. Increasingly, legislations allow trade, and the sector seems to be just in its infancy. With 2023 on the horizon, a couple of stocks can bring good results.

Considered one of the major players in the marijuana industry, Curaleaf Holding is certainly a bet to secure in 2023. This company specializes in both the recreational and medical marijuana markets. Its role in the market is completely pure as it processes, cultivates, markets, and dispenses a variety of cannabis products, including flowers, pre-rolls, vaporizers, extracts and concentrates.

Last month, the firm released its financial results for the third quarter of this year. Curaleaf reported that it generated $60 million of positive operating cash flow and $71 million for the first nine months of 2022. Its shares have fallen 55.54% year-to-date, which also makes it an inexpensive option to buy right now.

Then there is the cannabis industry-focused real estate investment trust (REIT) Innovative Industrial Properties (IIP). The company focuses its business on acquiring, owning and leasing properties to state-licensed operators in the medical marijuana industry.

A few days ago, the company announced its fourth-quarter 2022 dividend. Digging deeper, IIP reported that it will pay a dividend of $1.80 per common share for the fourth quarter of this year, which translates to a 24% increase over last year’s dividend.

These dividends will be paid by the middle of next month to shareholders of record as of December 30, 2022. It would be something that many investors could enjoy if they do not hesitate to buy IIP shares at this time.