On an excellent day for marijuana stocks generally, Innovative Industrial Properties (NYSE: IIPR) was a star performer on Thursday. In addition to the optimism buffeting such companies in recent days, the cannabis real estate investment trust also reported very good results for the third quarter of fiscal 2020. For the quarter, Innovative's total revenue nearly tripled on a year-over-year basis, landing at just over $34.3 million. The company's adjusted funds from operations (AFFO, considered to be the best profitability yardstick for REITs) rose to almost $27.9 million, or $1.28 per diluted share, from the year-ago result of $9.5 million. Image source: Getty Images. On average, analysts were estimating only $26.6 million in revenue and per-share AFFO of $1.16. It's currently the only REIT on the stock market that specializes in properties used by the marijuana industry. While its growth figures haven't been as impressive as at certain points in its past, it continues to add to its portfolio and consequently grow its revenue. In Q3, it acquired five properties comprising almost 450,000 rentable square feet. As a REIT, Innovative is required to pay out at least 90% of its taxable income in the form of shareholder distributions. Last month it dispensed a quarterly dividend of $1.17 -- the highest in its (admittedly brief) history, and 10% higher than its predecessor. No wonder Innovative was such a hot stock on Thursday. It closed nearly 17% higher on the day, trouncing the S&P 500's gain. Here's The Marijuana Stock You've Been Waiting ForA little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom. And make no mistake – it is coming. Cannabis legalization is sweeping over North America – 11 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018. And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution. Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks. Simply click here to get the full story now. Learn moreEric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Innovative Industrial Properties. The Motley Fool has a disclosure policy.Source