Reddit users have helped make Sundial Growers (NASDAQ:SNDL) a red-hot pot stock in 2021. Shares of the Canadian cannabis producer are trading up by almost 170% year to date. And at one point, Sundial had skyrocketed by more than 520%.

Some investors may be thinking about jumping aboard the bandwagon in hopes that Sundial will resume that staggering upward climb. If you're in that group, my recommendation is that you broaden your horizons. Here are two under-the-radar cannabis stocks that I suspect you'll like even better than Sundial Growers.

Cannabis plants growing under lights

Image source: Getty Images.

1. Ayr Wellness

Ayr Wellness (OTC:AYRW.F) is a U.S.-based multistate cannabis operator that recently changed its name from Ayr Strategies. The company initially focused only on the Nevada and Massachusetts markets, but is rapidly expanding into additional states.

Unlike Sundial, Ayr is already generating positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). It's also generating impressive revenue growth. In the third quarter, its revenue soared 61% quarter over quarter to $45.5 million.

We'll have to wait until next week to learn how Ayr fared in Q4. I expect, though, that it will again deliver tremendous growth. And whatever numbers Ayr reports, they'll represent only the tip of the iceberg when it comes to this company's potential.

Ayr recently opened new locations in Las Vegas and in Pennsylvania. It will soon launch retail stores targeting the adult-use cannabis market in Massachusetts, where the company is already selling wholesale to 60 of the state's 81 adult-use dispensaries. 

The company also has been on a shopping spree. Its acquisitions will enable Ayr to enter Arizona, Florida, and Ohio. Arizona's adult-use cannabis market just opened, while Florida and Ohio have thriving medical cannabis markets. 

Ayr Wellness beats Sundial Growers in terms of current growth as well as near-term (and arguably long-term) growth prospects. It's in a much stronger financial position as well. You might think, therefore, that Ayr stock would be more expensive than Sundial Growers. It isn't. Sundial's market cap currently is nearly three times greater than Ayr's market cap. 

2. Jushi Holdings

Jushi Holdings (OTC:JUSHF) is another U.S. multistate cannabis operator that shines in comparison to Sundial Growers. The company currently operates 16 retail cannabis stores in four states.

Like Ayr Wellness, Jushi has been generating sizzling growth. In Q3, it reported revenue of $24.9 million, up 67% quarter over quarter. Jushi also posted positive adjusted EBITDA of $1.9 million -- the first time in the company's history it has delivered a profit by that metric. And it's is poised to more than double its sales in 2021. (Indeed, it potentially could triple them.)

Also like Ayr, Jushi is expanding its business -- especially in California, the biggest legal cannabis market in the U.S. The company is acquiring a dispensary in Palm Springs and a retail license holder in Grover Beach. Jushi is also moving forward with plans to build a retail store in Culver City.

Jushi began operations last year at its 93,000-square-foot facility in Manassas, Virginia. It also launched the first of six medical cannabis dispensaries in the state in December. Virginia is likely to become a much bigger market for Jushi in the not-too-distant future. The state's lawmakers recently passed a bill that would legalize adult-use marijuana beginning in 2024. 

This might sound a little like deja vu, but Jushi trounces Sundial Growers on nearly every front. Its revenue is nearly 2.5 times greater than Sundial's. It's growing much faster. It's already generating positive adjusted EBITDA, which Sundial isn't. And Jushi's pathway to more growth appears to be a lot smoother than Sundial's.

So are investors giving Jushi a premium valuation compared to Sundial? Nope. Sundial's market cap is close to 2.4 times greater than Jushi's. Whatever you might think about Sundial stock right now, it's clear that Jushi is the better pick.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.