It's been a difficult year for marijuana stocks, with the AdvisorShares Pure US Cannabis ETF and the ETFMG U.S. Alternative Harvest ETF both down more than 22% so far this year, even while the S 500 index is up 18% and the Nasdaq Composite has gained 33%.

Labor issues, a glut of cannabis, high government taxes, and competition from illegal sellers have taken their toll on many cannabis companies. Investment bank Cowen puts the U.S. legal cannabis market at $28.9 billion in 2023, climbing to $36.3 billion by 2026. It's obvious that growth is coming as more states open to both recreational and medical cannabis sales, but it's also obvious that not every cannabis company is going to survive.

If you're looking for three solid long-term choices in the industry, try Innovative Industrial Properties (NYSE: IIPR), Green Thumb Industries (OTC: GTBIF), and TerrAscend (OTC: TRSSF).

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Source Fool.com