Let's be honest -- the marijuana industry isn't a hotbed of great investments these days. Beset by a host of challenges, including but certainly not limited to black-market competition, falling prices, and patchwork legalization, many pot companies have struggled to make a buck.

But even in a down-at-heel industry, there are always good companies to be found. In the case of Innovative Industrial Properties (NYSE: IIPR), weed has quite an excellent standard bearer. Read on to find out what I like so much about this company, and why it's my top marijuana stock pick for 2023.

There is plenty of demand for marijuana in the U.S., but those aforementioned roadblocks make it tough for any company in the business to prosper. That's why it's necessary to look at a company that, while closely associated with the cannabis industry, isn't directly involved in the drug's production, distribution, or sale.

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Source Fool.com