1 Marijuana Stock at All-Time Highs, as the Market Is Plunging

The stock market is taking a beating. Since Oct. 1, the S&P 500 and tech-heavy Nasdaq indexes are down 8.8% and 13.3%, respectively, through Nov. 21. Many highly valued stocks, particularly in the tech space, have been hit much harder.

The market downturn is broad-based. During the first three days of this week, stocks setting new annual lows outnumbered those setting new annual highs by about 10:1 to 20:1.

Two stocks in the rarefied group that have not only set new annual highs but have also clenched new all-time highs this week are marijuana player…

Innovative Industrial Properties (NYSE:IIPR)and water utility giant American Water Works (NYSE:AWK).

Bucking the downturn

Since Oct. 1, shares of Innovative Industrial Properties (IIP) and American Water have outperformed the S&P 500 by more than 16% and 13%, respectively, and have beaten the Nasdaq by even greater percentages…

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