Cannabis ETF CNBS payout relies on one REIT facing financial stress and tenant defaults.

The Amplify Seymour Cannabis ETF (CNBS) offers income mainly from one REIT, Innovative Industrial Properties (IIPR), which pays a 12.3% yield but faces payout sustainability issues. IIPR's dividend slightly exceeds its cash flow, with tenant defaults and a large debt refinancing looming in 2026. Other cannabis operators in the fund pay no dividends, making CNBS's income dependent on IIPR's financial health. Investors should view CNBS as a growth and regulatory play rather than a reliable income source, with direct IIPR ownership providing clearer income exposure.