When you're looking for stocks that you can buy and hold for many years, it's perfectly fine to be picky about the companies to add to your portfolio. Personally, I'm extremely choosy in selecting stocks, and I take as much time as I feel comfortable with to perform due diligence on a company before I take the plunge.

The marijuana industry has caught the attention of many investors in recent years as extensive legal reforms have created entirely new markets ripe for pot cultivators and retailers. Of course, this also creates extensive opportunities for investors who want to capitalize on all that this lucrative industry has to offer.

I've said it before: Not all pot stocks are created equal, and some of the companies that have garnered a lot of press aren't likely to be long-term winners. But if you're like me, and you're looking for stocks that you can hold not just for a few years, but for many years to come, there are definitely exceptional marijuana stocks that fit this bill.

Let's look at two cannabis stocks you can buy now and easily hold for the next decade or longer.

hand holding marijuana leaf against backdrop of American flag

Image source: Getty Images.

1. GrowGeneration

GrowGeneration (GRWG -4.19%) is a particularly interesting stock within the marijuana space because it doesn't grow or sell the substance. The company operates a chain of garden centers all over the U.S. that sells farm supplies, primarily to commercial and home cannabis growers. From grow lights to hydroponics equipment to greenhouse kits, it sells virtually everything growers would need to get their business off the ground or expand their existing business. And with more and more private and commercial growers entering the industry, the company has plenty of untapped potential to work with. 

Since its founding in 2008, GrowGeneration has expanded to 62 garden centers nationwide. It also maintains a robust e-commerce presence where growers can order the equipment they need. The company is also expanding its chain of operations quickly, and announced acquisitions in the states of California and Washington in the month of August.

In GrowGeneration's most recent quarterly report, management said that revenue increased by an incredible 190% compared to the second quarter of 2020. Meanwhile, same-store sales surged 60% from the year-ago period. In addition to these stellar numbers, GrowGeneration reported that its net income and adjusted EBITDA popped by 161% and 229%, respectively, year over year. E-commerce revenue alone jumped 264% from the year-ago quarter.

Shares are down year to date, but still trade nearly 60% higher than just 12 months ago. The products and services the company provides are in constant and ever-increasing demand. The stock can lend significant upside to investors' portfolios in the coming years while perhaps sidestepping some of the volatility that sometimes accompanies less-established names in the industry.

2. Green Thumb Industries

Green Thumb Industries (GTBIF -2.00%) owns a family of cannabis brands and a chain of retail stores selling pre-rolls, edibles, pastilles, plant-based skin care, and more. The company just opened its 65th retail store on Sept. 15. Its retail footprint spans an impressive list of states, from Nevada to Illinois to Massachusetts.

In addition to its extensive retail presence, Green Thumb currently has more than a dozen manufacturing, or growing, facilities and holds licenses for 114 retail spots nationwide.

During the first six months of 2021, revenue grew by more than 87% from the same period in 2020. In addition, the second quarter of 2021 represented the company's fourth quarter in a row reporting positive net income and its sixth quarter in a row of positive cash flow. It generated $22.1 million in net income in the second quarter alone, and $48.3 million in cash from operations during the first half of 2021. This is great news for a company that is still relatively new on the scene and growing at the pace that it is, having only been founded in 2014 and going public in 2018.

Green Thumb Industries is also doing a good job of keeping its debt manageable in the context of its liquidity. As of June 30, it reported cash and cash equivalents of more than $359 million, compared to total liabilities of about $198 million.

The stock is up nearly 90% over the trailing 12 months, but still trades for less than $30 per share. As the pot stock continues to expand its retail footprint in new and existing markets, investors should also continue to see remarkable growth and robust portfolio returns.