Cannabis stocks remain on fire as Democrats take control of the White House and Congress. The ETFMG ETF (MJ) represents Canadian stocks, but the AdvisorShares Pure US Cannabis ETF (MSOS) represents the smaller US multistate operators which have outperformed the larger Canadian players in recent weeks and months.

Stocks like Curaleaf (CURLF), Green Thumb (GTBIF), and Cresco Labs (CRLBF) are US-based and listed in Canada due to legal restrictions, so they are found on the OTC markets in the US.

Americans are divided across basically every major issue, with a culture war of unprecedented depth that came to a head in a deeply contentious election night on November 3. While the fall-out from that battle continues even now, there’s one thing that everyone seems to agree on: weed is a consumer product, rather than an illegal narcotic.

Hence, we take a look here at a handful of compelling names in the space, including: Innovative Industrial Properties Inc (NYSE:IIPR), Green Thumb Industries Inc (OTCMKTS:GTBIF), MedX Holdings Inc (OTCMKTS:MEDH), and Trulieve Cannabis Corp (OTCMKTS:TCNNF).

Innovative Industrial Properties Inc (NYSE:IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities.

The company touts itself as the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry.

Innovative Industrial Properties Inc (NYSE:IIPR) just recently announced that it signed a long-term lease with Holistic Industries Inc. (Holistic) for its property located in Los Angeles, California.

According to the release, as previously reported, Holistic entered into a definitive agreement to acquire the retail, distribution, cultivation and manufacturing licenses for cannabis operations from the tenant at IIP’s Los Angeles, California property, which was in receivership. Holistic closed on this transaction and concurrent with this closing executed a long-term, triple-net lease with IIP for the entire property. In connection with the planned redevelopment of the property, IIP has agreed to provide reimbursement to Holistic of up to $11.0 million. Assuming full reimbursement for the redevelopment of the property, IIP’s total investment in the property will be $24.0 million.

IIPR shares have been relatively flat over the past month of action, with very little net movement during that period.

Innovative Industrial Properties Inc (NYSE:IIPR) pulled in sales of $34.3M in its last reported quarterly financials, representing top line growth of 197.1%. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($612.3M against $0, respectively).

Green Thumb Industries Inc (OTCMKTS:GTBIF) bills itself as a company that manufactures and sells various cannabis products in the United States. The company’s cannabis products include flower, concentrates for dabbing and vaporizing, edibles, and topicals.

According to company materials, “Green Thumb Industries (GTI), a national cannabis cultivator, processor, and dispensary operator, is dedicated to providing dignified access to safe and effective cannabis nationwide while giving back to the communities in which they serve. As a vertically integrated company, GTI manufactures and sells a well-rounded suite of branded cannabis products including flower, concentrates, edibles, and topicals. The company also owns and operates a rapidly growing national chain of retail cannabis stores called RISE(TM) dispensaries.”

Green Thumb Industries Inc (OTCMKTS:GTBIF) just announced the resignation of Alex Yemenidjian from its Board of Directors to pursue gaming license opportunities. “We appreciate Alex’s contributions as a valued member of Green Thumb’s Board of Directors and wish him success in his future endeavors,” said Green Thumb Founder and Chief Executive Officer Ben Kovler.

“I continue to have the utmost confidence in Green Thumb as a significant shareholder and look forward to watching the company continue to serve as an industry leader,” said Yemenidjian.

It will be interesting to see if the stock can break out of its recent sideways action. Over the past week, the stock is net flat, and looking for something new to spark things.

Green Thumb Industries Inc (OTCMKTS:GTBIF) pulled in sales of $209.3M in its last reported quarterly financials, representing top line growth of 133.2%. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities.

MedX Holdings Inc (OTCMKTS:MEDH) is a new name in the cannabis space following its strategic reorientation late last year. Looking forward, the company recently issued a corporate update related to an interesting legislative session in Texas – its home state – earlier this month.

According to the company’s update, there are currently 16 state-level jurisdictions that permit marijuana for adult recreational use and 36 states that allow it for medical purposes. Ahead of the January 2021 legislative session, Texas lawmakers have pre-filed several bills that would expand the state’s medicinal cannabis program and add it to the list of states legalizing adult-use.

MedX Holdings, Inc. (OTCMKTS:MEDH) also notes that it “continues to prepare for these impending legislative changes, finalizing agreements and advancing relationships that will support its growth-by-acquisition strategy and vertical integration.”

More to the point: the company is anticipating that full legalization in Texas is “inevitable” and its franchise development team is “preparing an aggressive growth campaign to re-introduce cannabis to an expanded marketplace”. Management projects that the convergence of coffee and cannabis products will be an effective way to reach consumers previously hesitant to cannabis consumption – which is no doubt the big point.

“We hope to complete our plans to merge and acquire internal and external brands and entities in Q2 and throughout the remainder of 2021,” stated MEDH CEO Hans Enriquez. “We look forward to a favorable outcome of the legislative session and expect expansion to the hemp and medical program in Texas. We are excited to execute our operational strategies in 2021 and prepare for the next phase of growth.”

MedX Holdings Inc (OTCMKTS:MEDH) just regained OTC Markets access, got its last three periods of quarterly filings caught up, and achieved Pink Current status. That now sets up a refresh where MEDH is ready to begin executing its operational strategy for 2021. Given the dramatic strength in the group, that shift stands to potentially pay off for existing stakeholders, especially given its outlook on the Texas legislative context and the steps already underway to capitalize.

Trulieve Cannabis Corp (OTCMKTS:TCNNF) is one of the biggest and most successful US cannabis MSO’s, offering a suite of branded products with approximately 125 SKUs, including nasal sprays, capsules, concentrates, syringes, and cannabis flower in tamper-proof containers for vaporizers, topical creams, tinctures, and vape cartridges.

According to company materials, TCNNF is a vertically integrated “seed to sale” player operating as the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery.

Trulieve Cannabis Corp (OTCMKTS:TCNNF) just announced the opening of a brand-new Florida dispensary, the Company’s 76th nationwide. The new, 6,000 sq. ft. location marks the Company’s 2nd in Gainesville, broadening patient access to Florida’s largest and broadest assortment of medical cannabis products.

According to the release, the new dispensary also supports Trulieve’s goal of expanding and ensuring direct, reliable access to medical cannabis across its home state of Florida. It joins the Company’s 70 other dispensaries statewide, including the original Gainesville location and those in nearby Ocala and Lake City.

And the stock has been acting well over recent days, up something like 7% in that time. Trulieve Cannabis Corp (OTCMKTS:TCNNF) pulled in sales of $181.6M in its last reported quarterly financials, representing top line growth of 94.4%. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($258.3M against $127.1M).