If you're ready to invest in more pot stocks in 2021, you still have a few months left in the year to do so. But if you're overwhelmed by the sheer number of investment opportunities available to you within this high-growth space, you're not alone.

Today, we're going to look at two top marijuana stocks that not only live up to their hype but also have tremendous untapped potential. Both companies have rock-solid balance sheets and unique growth advantages that can drive sustained returns for investors in the years ahead. 

Let's dive right in.

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Innovative Industrial Properties 

Innovative Industrial Properties (IIPR 2.21%) is a company I write about frequently, and I think it's a fantastic option if you're newer to investing in marijuana stocks or tend to be more risk-averse and aren't thrilled by some of the volatility in this space.

Innovative Industrial Properties doesn't grow marijuana or sell it. It's a real estate investment trust that leases its portfolio of properties to licensed medical marijuana growers.

There are three primary benefits to the way Innovative Industrial Properties operates. First, as a REIT leasing to licensed medical marijuana operators, it can benefit from the significant tailwinds of this industry without taking on the same level of risk that a grower or retailer does. Second, it only leases to growers that are licensed to cultivate medical marijuana, which at this point in time is legalized in far more states than recreational cannabis. Third, because the company operates as a REIT, it is required by law to issue 90% of its taxable earnings to its investors in the form of dividends, which is great news for income-seeking stock buyers.

Although the company has been paying a dividend only since 2017, it has boosted its payout by an incredible 900% since that time.

IIPR Dividend Chart

IIPR Dividend data by YCharts

The stock yields about 2.6% based on current share prices, which are up nearly 90% from just one year ago.

Innovative Industrial Properties is a stock that can supercharge investors' portfolios for the long haul, particularly as medical marijuana legalization continues to gain steam. With its strong track record of share price appreciation and dividend increases, not to mention its rock-solid results (revenue rose 101% and net income increased 124% in the most recent quarter), this is a no-brainer marijuana stock to invest in right now and hold on to for years.

Trulieve Cannabis

The second pick on today's list is a more traditional pot stock, but it's a great one for both new and seasoned marijuana investors to consider. Trulieve Cannabis (TCNNF 0.41%) owns a chain of 101 dispensaries nationwide, 91 of which are in Florida. But the company is expanding its presence outside of the Sunshine State. It has dispensaries in other key marijuana markets like California and Massachusetts.

Trulieve is the largest marijuana operator in Florida. Even though pot is not approved for recreational use in Florida, the state still represents one of the largest markets in the country and is expected to produce $1.3 billion in medical marijuana sales in 2021.

The company is also gearing up to close its acquisition of fellow multi-state operator Harvest Health & Recreation, which will expand its foothold within the recreational and medical marijuana industries while increasing its presence to nearly a dozen states nationwide.

In Trulieve's most recent quarterly report, management said that revenue and net income increased by 78% and 116%, respectively, year over year. In addition, the second quarter represented the 14th quarter in a row in which the company was profitable. In other words, it hasn't been unprofitable in three and a half years.

Even though shares of Trulieve are down about 17% year to date, the stock is up about 50% over the past year, ahead of the S&P 500's gain of 31% during the same period. Right now looks like a great time to buy this stock on sale to get in on its long-term potential.