Times may be tough for marijuana companies, but Innovative Industrial Properties (NYSE:IIPR) isn't letting that trend deter it from hiking its dividend. On Tuesday, the real estate investment trust (REIT) announced that its next quarterly common stock dividend will be $1.06 per share, up from the $1 per share it paid in April.

The new dividend will be distributed on July 15 to investors of record as of June 30. At the most recent closing stock price, it would yield nearly 4.3%.

A marijuana plant in a corporate cultivation facility.

Image source: Getty Images.

As a REIT, Innovative, which specializes in owning properties used by cannabis companies, is required to pay out at least 90% of its net profits to shareholders in the form of dividends. Since going public at the end of 2016, it has raised its payout seven times (including this most recent boost) from an initial $0.15 per share to the present level. Lately, the company has also been consistent in booking profits on the bottom line, a rare feat in the cannabis industry.

Innovative benefits from being the only specialty cannabis REIT on the market. Its tenants include some of the best-known and active marijuana companies, with which it frequently enters into sale-leaseback transactions (in which it purchases such a business's property, then turns around and leases it back to seller).

On Tuesday, Innovative shares ended the day almost 3% higher, exceeding the gains of the major stock market indexes.