IIPR vs TRLV: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: IIPR is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. IIPR and TRLV share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined IIPR and TRLV exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Innovative Industrial Properties, Inc. (NYSE: IIPR) is a real estate investment trust that pioneered the cannabis-focused, sale-leaseback model in the United States. It buys industrial and greenhouse cultivation and processing facilities from state-licensed cannabis operators and leases them back on long-term, triple-net leases, meaning tenants are responsible for property taxes, insurance, and maintenance. Because federally regulated banks have historically been wary of lending to cannabis companies, IIPR stepped in as a specialized source of real estate capital, and rent from these leases is its primary source of income. As of early 2026 the company owned roughly 110 properties totaling around 8.9 million rentable square feet across about 19 states, leased to a few dozen tenants, and has begun describing itself as a diversified REIT with some interest beyond cannabis.

Full IIPR guide

Trulieve Cannabis Corp., headquartered in Tallahassee, Florida, runs roughly ~207 medical dispensaries backed by about ~3.5 million square feet of cultivation and processing capacity, with retail accounting for roughly ~94% of revenue. Its operating footprint is Florida, Georgia, Pennsylvania and West Virginia, with conditional licenses in Alabama and Texas. On June 3, 2026 the company restructured and deconsolidated Harvest, the arm holding its mixed medical and adult-use markets (Arizona, Connecticut, Maryland and Ohio, about ~34 dispensaries), keeping roughly ~90% of the economics but none of the operational control. That left a medical-only entity that could meet NYSE listing standards, and the subordinate voting shares moved from the Canadian Securities Exchange (TRUL) and OTCQX (TCNNF) to the NYSE under TRLV on June 10, 2026. A redomicile from British Columbia to Delaware completed on August 11, 2026.

Full TRLV guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• IIPR drivers: High dividend and income appeal; Tenant recovery and re-leasing.
• TRLV drivers: Schedule III ends 280E for the medical business; A major-exchange listing and a US domicile.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is tenant concentration and credit quality: IIPR leases to a limited number of cannabis operators, and defaults by its largest tenant and others directly threaten rental income and the dividend, which has at times been uncovered by funds from operations. For TRLV, cannabis is still a federally controlled substance.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick IIPR if you believe its drivers more; TRLV if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the IIPR and TRLV guides.

IIPR. Figures are approximate, tied to the asOf date, and should be verified against the latest filings before acting. For a REIT, the metrics that matter most are funds from operations (FFO) and adjusted FFO relative to the dividend, plus occupancy and rent collection, rather than a standard P/E ratio. A very high dividend yield reflects elevated perceived risk, not just generosity: the market is pricing in the chance of a cut, so treat the headline yield with caution and check the latest FFO and payout figures.

TRLV. Reported GAAP earnings are not usable as a valuation input this year, because the trailing net loss of roughly ~$473 million is dominated by a non-cash charge of about ~$403 million from the Harvest deconsolidation; adjusted net income was about ~$20.4 million in the second quarter. At roughly ~2x trailing sales the multiple looks modest for a ~60% gross margin retailer, though the forward revenue base is the medical-only run rate of about ~$890 million rather than the trailing ~$1.14 billion. Seven analysts covering the stock carry an average twelve-month price target near ~$18, which prices in retroactive 280E relief that has not been granted.

Headline figures (approximate, Jul 2026): IIPR shows portfolio ~110 properties, ~8.9 million rentable square feet, across ~19 states (early 2026), tenants A few dozen tenants (around 36); top tenant and several others have defaulted, pressuring rent, quarterly dividend $1.90 per share declared mid-2026 (held steady), implying a double-digit forward yield, dividend coverage At times not fully covered by funds from operations; coverage hinges on resolving defaults and re-leasing; TRLV shows revenue (ttm) ~$1.14 billion, down ~4% year over year, q2 2026 revenue ~$271 million, of which ~$222 million was medical-only, adjusted ebitda (h1 2026) ~$198 million at a ~36% margin, market capitalization ~$2.25 billion at ~$11.69 per share.

IIPR and TRLV are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined IIPR and TRLV exposure against your real portfolio. It is not an investment adviser.