When it comes to investing in the cannabis space, there are a few directions investors can go. For those who are interested in the companies growing and selling cannabis, there are plenty of options, and much of the buzz is around those names.

However, another way to get exposure to the space is to invest in the businesses that support the cannabis space. This is where Innovative Industrial Properties (NYSE: IIPR) comes into play. By buying land that it leases to cannabis operators, IIP offers a unique opportunity for investors who are smart enough to know these three things.

REIT stands for real estate investment trust, and it is a type of investment that has some advantages for investors. REITs are required to pay at least 90% of their taxable income to shareholders. As a result, it's typical for REITs to have above-average dividend yields, and IIP is no exception. As of this writing, IIP's dividend yield is 7.3%, crushing the S&P 500's yield of 1.8%. 

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Source Fool.com