Millions of Americans now have an additional $1,200 thanks to the coronavirus stimulus payments that began to flow recently. Many will need this money to pay bills. But for some, the coronavirus stimulus checks are extra money that they can either spend or save.

If you're in the latter group, one smart alternative is to use your coronavirus stimulus money to invest in stocks that have tremendous long-term growth prospects. Here are three great stocks to buy right now if that extra $1,200 is burning a hole in your pocket.

$1,200 written on a chalkboard with a person putting a coin into a piggy bank with other coins stacked up next to it

Image source: Getty Images.

1. Innovative Industrial Properties

When 33 states have legalized medical cannabis, you can bet that it's here to stay. The markets that have opened up create demand that medical cannabis growers are stepping up to meet. However, these cannabis producers don't always have easy access to the capital they need to run their businesses. That's where Innovative Industrial Properties (IIPR -0.01%) comes in.

Innovative Industrial Properties (IIP) is the largest cannabis-focused real estate investment trust (REIT). Its primary focus is on buying medical cannabis properties then leasing them back to the cannabis producers. These deals provide capital for the cannabis growers and give IIP a long-term revenue stream.

The main risk for IIP is if its tenants encounter financial difficulties and can't pay their rent. So far, that hasn't been a big problem for the company despite the uncertain economic times. On the contrary, IIP has continued to deliver fantastic revenue and earnings growth, with its fourth-quarter profit more than quadrupling year over year.

IIP should be able to continue delivering strong growth as it expands into new markets and adds more properties in the 15 states where it already operates. It also appears to be in a solid position to continue rewarding shareholders with increasing dividends. The company's dividend yield currently stands at 5.6%. IIP has boosted its dividend payout by a staggering 567% over the last three years.

2. Square

It's not surprising that the COVID-19 pandemic has hurt Square's (SQ -0.79%) business. The payment and financial services company reported in March that its payments volume has fallen dramatically as many of its small business customers have been forced to close their doors due to the coronavirus outbreak.

The near term remains murky for Square, resulting in the company withdrawing its full-year 2020 guidance. However, its long-term prospects continue to appear bright.

Square's Cash App seems highly likely to keep its sizzling momentum going for a long time to come. The potential market for the peer-to-peer payments app is in the ballpark of $60 billion. Square also will almost certainly experience a strong rebound for its payments processing business once most businesses are allowed to reopen across the U.S.

In the meantime, Square appears to be in a pretty good position to weather the coronavirus crisis. The company had a big cash stockpile of more than $2 billion at the end of its fourth quarter and recently raised another $1 billion by issuing convertible notes. With the stock down close to 30% from its highs, buying Square now should pay off handsomely over the next few years.

3. Teladoc Health

Teladoc Health (TDOC -1.85%) has been helped rather than hurt by the COVID-19 outbreak. Its stock has skyrocketed this year with surging demand for telehealth services.

Will the popularity of telehealth fade away once the COVID-19 worries subside? I don't think so. Using telehealth is convenient for patients. Teladoc's services are available 24 hours a day, seven days a week. There's no driving to the doctor's office and sitting in a waiting room. Teladoc's platform is also attractive to payers because its virtual care services are cost-effective.

The company already has a big customer base to expand upon. Around 40% of the Fortune 500 use Teladoc's services along with thousands of smaller organizations. But Teladoc has a lot of room to grow just with its existing customers: There are more than twice as many potential users at clients than there are current users.

Over the long run, telehealth seems like a slam-dunk growth opportunity. As the global leader in telehealth, Teladoc Health stands to benefit tremendously from this growth. This healthcare stock should generate huge gains for patient investors.