The marijuana industry has had a tough time over the past months, and many of the popular marijuana stocks in the market have declined from their lofty heights. In such a situation, it might be possible for investors to pick up shares at a cheaper price for some of the more promising marijuana companies that might eventually go on to become major players. Despite the current difficulties being experienced by the industry, experts believe that the cannabis industry is eventually going to grow substantially. If that happens, then some of the more established companies in the sector are going to benefit immensely.

That being said, when one decides to invest in popular marijuana stocks, one should also keep in mind that despite the potential for growth, it is still a relatively nascent sector. There are going to be pitfalls on the path to consistent growth and profitability. This means there needs to be a degree of patience among investors if they invest in popular marijuana stocks. However, if the sector does grow as expected, then there is the possibility of making significant long-term returns.

Here is a closer look at 3 popular marijuana stocks that could be tracked by investors right now:

3 Popular Marijuana Stocks Moving Up: Innovative Industrial Properties Inc (NYSE:IIPR)

Although Innovative Industrial Properties (IIP) is not involved in the production of marijuana, the company has quickly become a hugely important part of the industry. The company is profitable and has delivered excellent returns to long-term investors. However, the coronavirus pandemic and a short-seller report have dragged down IIPR stock. Even still, IIPR is one of the more popular marijuana stocks currently, especially when taking in consideration the bigger picture.

Marijuana producers generally struggle to raise capital, which can delay the process of them procuring facilities. This is where IIP comes in. Through sale-leaseback agreements, IIP is able to connect many producers with the facilities that they need.

Last year, Innovative managed to take over 35 marijuana facilities, signing 12 long-term lease agreements with licensed cannabis firms. The company’s long-term rental agreements have rent increase clauses, helping to ensure a long-term cash flow for IIP.

By the end of 2019, IIP had 46 properties spread across 14 states under its control. Investors should also keep in mind that IIP has raised its dividend by 300% over the past two years.

IIPR stock jumped almost 90% from a 52-week low of $40.21 in March.

One of the popular marijuana stocks to have made a roaring rebound since the middle of March is Canopy Growth. In March, the stock slumped to $9 a share, but since then, has rallied by 70%. It should be noted that Canopy is the biggest company in the industry by market cap, so it is a stock that is likely to get a lot of attention from investors.

Although Canopy did shut down many of its stores in order to deal with the coronavirus pandemic, it continued to operate its click-and-collect service and online sales. The shutdown in Canada has also led to a surge in cannabis sales in many parts of the country, and many of the stores recorded a rise of 80% in weekly sales. The presence of delivery services has proven to be a boon for the industry during this crisis.

In February, Canopy released its financial results for the third quarter, recording a sales growth of 49% year-on-year. However, it remains to be seen if Canopy can maintain that level of growth in the aftermath of the coronavirus pandemic. Investors may want to keep an eye on this stock over the coming weeks.

One of the popular marijuana stocks to have emerged as an interesting proposition in recent days is Curaleaf stock. In March, the company released its financial results for the fourth quarter and also announced an acquisition.

In the quarter, the company generated total revenue of $75.5 million, which reflected a healthy sequential rise of 22%. That being said, Curaleaf suffered net losses of $22.6 million, which was significantly higher than the $6.8 million loss in the previous quarter.

Curaleaf announced that it was acquiring three dispensaries owned by Arrow Alternative Care in Connecticut. The acquisition of these three dispensaries is a significant move from the company. Connecticut only has 18 dispensaries, and with three dispensaries under its control, Curaleaf could hope to corner a significant portion of the market.

Curaleaf stock has gained about 50% over the past month.