Marijuana stocks have taken the investing world by storm over the past few years. While some of the stocks in this space aren't worth the price of admission, others present compelling long-term investment opportunities. In this segment of Backstage Pass, recorded on Nov. 1, Fool contributor Rachel Warren discusses one such company investors should consider right now. 

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Rachel Warren: The stock I picked for this one, I'm going to go with one that I don't really talk a lot about on the show, but it's actually one I write about pretty frequently, and that is Innovative Industrial Properties (IIPR 0.40%), ticker symbol, I-I-P-R. I'm a healthcare writer here at The Fool. I cover stocks all across the Fool universe, but I write a lot about healthcare and cannabis stocks.

Innovative Industrial Properties is a cannabis stock. I think this is a particularly unique choice within this space and a compelling one to look at if you're an investor that perhaps typically shies away from some of the volatility that often accompanies the marijuana stock space.

Innovative Industrial Properties, it operates as a real estate investment trust. The company leases its portfolio of properties to licensed growers of medical marijuana, so it operates solely within the medical use in this industry. At last count, Innovative Industrial Properties had a portfolio of 76 different properties that encompass various industrial buildings and greenhouses. It operates in these key markets including California, Colorado, Florida, Illinois.

The fact that the company operates solely in the medical-use space, which is an area that to date is far more broadly legalized than the recreational use, I think has given it a lot of room to grow as this industry, we've seen such explosive growth.

One of the things that I like about the stock in particular that I think is interesting for potential investors to know is Innovative Industrial Properties is structured as an REIT, so real estate investment trust, so it's legally required to disburse 90% or more of its taxable income in dividends.

The company pays a dividend that currently yields about 2.2%, and it has a really great history of growing both its top and bottom line, and therefore, it regularly increases dividends quarter after quarter. Shares of the stock have a really strong track record of growth.

The stock is up about 1,300%, actually more than that, just over the last five years. The company was only founded in 2016. In the company's most recent quarterly report, revenue was up 101% year over year, and net income was up a 124% year over year.

It's an interesting company if your interested in investing in the marijuana space and you don't like some of the volatility that's often in the space and you're interested in finding a dividend stock in the marijuana area, which there are not many dividend-paying marijuana stocks, this might be one to take a look at.