Earning Green with 5 Top-Paying Marijuana Dividend Stocks

Mike Munno

Posted June 5, 2023

Marijuana stocks have had a tough go in the market the last few years, but a particular group of marijuana dividend stocks are set to rebound. Did you know that taking advantage of these marijuana dividend companies is the best way to gain exposure to the cannabis market? In this investor’s guide, we’ll explore the world of marijuana dividend stocks. 

But first, let’s start with the basics. Dividend stocks are companies that distribute a portion of their profits to shareholders as regular cash payments. By investing in dividend-paying stocks, you not only have the potential for capital appreciation but also the opportunity to earn a steady income stream.

As the marijuana industry expands and matures, several established companies are generating consistent profits and choosing to share their success with shareholders through dividends. These dividend-paying marijuana stocks can provide investors with a unique combination of growth potential and regular income.

Marijuana Dividend Stocks

In addition to providing a list of major marijuana dividend stocks, we’ll explore other factors to consider before making a decision. 

Marijuana Dividend Stocks


Company Name

Dividend Yield


AbbVie Inc.



Altria Group, Inc.



Constellation Brands, Inc.



Innovative Industrial Properties



Scotts Miracle-Gro


It’s important to remember two aspects of dividend stocks. Dividends are not guaranteed and can be cut or eliminated at any time. In fact, as the marijuana sector suffered, marijuana dividends also experienced reductions, leading to a shorter list. As such, you should not invest in a stock solely because it pays dividends. You should also consider other factors, such as the company's financial performance and growth prospects.

Let's take a deeper dive into these marijuana dividend stocks and see which is the best for you. Please note that the stocks are listed in alphabetical order without any preference.

Marijuana Dividend Stock #1: AbbVie Inc. 

 AbbVie might not be the first company that comes to mind when you think of a marijauna dividend stock. ABBV is a pharmaceutical company headquartered in North Chicago, Illinois. It focuses on developing and commercializing advanced therapies to address various medical conditions.

The reason AbbVie is on the list? Marinol. 

In the past, AbbVie Inc. had associations with the drug Marinol. Marinol, a prescription medication, contains the synthetic form of delta-9-tetrahydrocannabinol (THC), the primary psychoactive compound in cannabis. It is utilized for treating chemotherapy-induced nausea and vomiting, as well as stimulating appetite in patients with AIDS-related weight loss.

However, it's important to note that Marinol is not derived from natural cannabis plants but is a synthetic version of THC. AbbVie acquired the rights to Marinol through its acquisition of pharmaceutical company Solvay Pharmaceuticals in 2010.

Although Marinol is categorized as a cannabinoid-related medication, it is separate from AbbVie's primary pharmaceutical portfolio and is not typically regarded as a traditional cannabis stock. While AbbVie Inc. is first on this list, I’m not sure it would be my first choice for a dividend stock to play on the marijuana industry’s growth. 

While a 4.44% dividend is attractive, pharmaceutical companies can be even riskier than pot stocks. Before you buy ABBV as a marijuana dividend play, you might want to consider some other options… 

Marijuana Dividend Stock #2: Altria Group, Inc. 

Our second stock on the marijuana dividend stock list is another off-beat play. MO is a leading American tobacco company headquartered in Richmond, Virginia. It engages in the manufacturing and sale of tobacco products. 

In addition to tobacco, Altria has diversified its product offerings into the cannabis industry. In March 2019, Altria invested $1.8 billion in Cronos Group, Inc., a Canadian cannabis company. This investment gave Altria a 45% stake in Cronos Group. The purchase elicited mixed reactions, with some believing it would provide a boost to Altria, while others viewed it as a risky acquisition.

It’s tough to say for certain with everything that has gone on in the global economy since Altria’s purchase. Between the Covid-19 pandemic and the ensuing chaos on stock markets and supply chains, it’s hard to find a stock or sector that made it out unscathed. 

That being said, Altria Group, Inc’s stability throughout that time period is a testament to the company's strong management. Altria has a strong market presence, with a wide distribution network and partnerships with retailers across the United States. They may not be the biggest marijuana dividend stock on the market, but they could be one of the longest-lasting. 

Right now, Altria’s dividend is 8.43% which is very tempting. But let’s take a look at the other marijuana dividend stocks before crowing our cannabis dividend king. 

Marijuana Dividend Stock #3: Constellation Brands, Inc. 

Constellation Brands, Inc. is an American beverage company based in Victor, New York. They were put on the marijuana market map through their investment in Canopy Growth Corporation (CGC). 

In 2017, Constellation Brands made a notable investment in Canopy Growth, acquiring a 9.9% stake in the company for approximately $191 million. This investment marked the first major entry of a major alcohol company into the emerging legal cannabis market.

Constellation Brands and Canopy Growth formed a strategic partnership with the goal of developing and marketing cannabis-infused beverages. The partnership aimed to leverage Canopy Growth's expertise in cannabis production and Constellation Brands' experience in brand building and distribution.

In 2018, the relationship between the two companies deepened when Constellation Brands increased its stake in Canopy Growth to approximately 38%. In October of 2022 however, Constellation elected to transition existing common shares ownership interest in CGC to new exchangeable shares. The motive behind the decision was to “protect Constellation shareholder value while also retaining an interest in Canopy Growth through non-voting and non-participating shares.”

Marijuana Dividend Stock #4: Innovative Industrial Properties

Innovative Industrial Properties (IIPR) is a real estate investment trust (REIT) that acquires and leases industrial properties to state-licensed cannabis operators. The company actively acquires and manages properties used for the cultivation and processing of medical cannabis. They lease their properties to a diverse group of cannabis operators, including both multi-state operators (MSOs) and single-state operators (SSOs).

IIPR’s lease terms are typically long-term, absolute net leases with rent escalations. This implies that they have a high likelihood of increasing payments over the long term. Another benefit of owning IIPR is its REIT structure provides it with access to capital markets and tax benefits that are not available to other cannabis real estate investors.

Full disclosure, this is probably my favorite stock on this list. Not only is it an incredible marijuana dividend stock, but it’s also a REIT. Founded in 2016, the company displayed an impressive start, hitting the ground running. Jason Williams of The Wealth Advisory has been recommending Innovative Industrial Properties shortly after its IPO in 2017, and it is still a strong buy. 

In fact, the stock has taken a beating in the last few months, but we’re still adding to our position. And why wouldn’t we? The business model has been successful, and the company is generating strong financial results. Not only is the company set for more growth, but its dividend payment is 10.99%. That makes it the biggest marijuana dividend payment on our list. If you can find a bigger marijuana dividend, I’d be shocked. And if you do, please let us know. 

Marijuana Dividend Stock #5: The Scott’s Miracle-Gro Company  

The Scotts Miracle-Gro Company is an American company that actively manufactures and sells lawn and garden products. The company offers a wide range of products, including fertilizers, plant foods, grass seeds, and pest control solutions. SMG has significant involvement in the marijuana industry through its subsidiary, Hawthorne Gardening Co.

Hawthorne Gardening Co. is a leading provider of hydroponic products, lighting systems, nutrients, and other supplies specifically tailored for cannabis cultivation. The subsidiary actively serves both professional cannabis growers and hobbyist cultivators.

Hawthorne's products and services include nutrients, lighting, growing media, and other supplies for indoor and hydroponic growers. The company also provides consulting and education services to growers. Hawthorne has a strong distribution network and a wide range of products, making it a valuable asset for Scotts Miracle-Gro.

Scott’s Miracle-Gro Company was founded in 1868 and has a global presence today. Currently, they have operations in over 100 countries. This makes them perhaps the most established company on our list. With a dividend payment of 4.5%, it makes this American behemoth a tempting buy. The company has not been immune to volatility over the last few years, but they have survived for a long time. I can’t imagine the growth for Scott’s Miracle-Gro ends here. 

The Final Say on Marijuana Dividend Stocks

As you can see, the world of marijuana dividend stocks is more diverse than you might realize. You might also realize that not as many pure-play marijuana companies pay dividends these days. As I stated before, the list used to be longer, but the last few years have not only been brutal to marijuana companies but to global markets as well. 

Dividend stocks in the cannabis industry offer an alternative investment option for those seeking income-generating opportunities in an up-and-coming sector. Before buying any marijuana dividend stock, it’s important to do your research. Make sure the company aligns with your morals. Make sure that you believe in their business model and management team. 

Some people believe that the marijuana industry has had its moment in the sun. While more and more states begin to legalize medical and recreational cannabis, investors are scratching their heads wondering where the profits of 2017 and 2018 went. It’s important to remember that most industries are cyclical, and while some of these pot stocks seem burnt out, they’re one announcement away from becoming red-hot again. 

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