If you have $1,000 to invest this month, you're probably on the hunt for more great stocks that can generate long-term portfolio returns. The great news is that you don't have to look far to find companies that fit that criteria and have strong histories of growth to back them up. 

Let's take a look at two fantastic companies that long-term investors should consider scooping up before the year is out. 

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Image source: Getty Images.

1. Innovative Industrial Properties 

As a healthcare writer who frequently covers cannabis stocks, this particular company is one I write about often, and with good reason. In many ways, Innovative Industrial Properties (IIPR -1.05%) represents all the best aspects of investing in marijuana stocks.

It's hardly a secret that this industry has faced its fair share of volatility over the years, with many companies in this sphere struggling to maintain profitability. But as the legal landscape has changed and continues to change in favor of both medical and recreational marijuana legalization, it's more important than ever to be picky about where you invest your money -- and to be sure you choose companies that have true staying power in the years ahead as the competition heats up. 

Innovative Industrial Properties is a real estate investment trust (REIT), which means that it doesn't actually sell or grow cannabis. The company owns greenhouse facilities and other commercial properties spread across the nation. It leases these facilities to growers that are licensed in the state of operation. In addition, Innovative Industrial Properties only leases to medical marijuana growers, so it's tapping into a portion of the market that to date is far more widely legalized. 

The company has a strong track record of rapidly expanding its portfolio, which has led to it consistently reporting astounding quarterly and annual earnings. Last year the company's revenue surged 162%, and its net income jumped 191% from 2019. And in the most recent quarter, Innovative Industrial Properties reported that revenue and net income rose 101% and 124%, respectively, on a year-over-year basis. 

One of the most compelling reasons to buy Innovative Industrial Properties is its dividend. A marijuana stock that pays a dividend? Yes, you read that right. Because it's a REIT, the company is legally required to turn over a minimum of 90% of its taxable earnings to investors as dividends. Innovative Industrial Properties' dividend yields about 2.6% based on current share prices. 

2. Zoom 

Zoom (ZM -0.38%) has gotten the short end of the stick from investors in recent months. There was immense excitement and hype surrounding the stock in the earlier days of the pandemic with so many people working, socializing, and learning from home. Now that the pandemic has transitioned to a different phase with more people back at work, school, and out in the world again, it seems investors aren't quite sure what to make of Zoom's long-term prospects. 

However, with so many people working remotely full-time or on a hybrid basis, Zoom is ideally positioned to meet the changing needs of companies and organizations around the world. And while shares of Zoom may have gone through some turmoil in recent months, the company's financials definitely haven't. 

In the company's financial report for the second quarter (which it counts as part of its fiscal year 2022), management said that Zoom grew its revenue by 54% and its net income 71% year-over-year. In addition, its base of customers that generated more than $100,000 in revenue over the trailing 12 months grew 131% year-over-year, while its base of customers with over 10 employees surged 36% year-over-year. 

While some of these metrics may not be growing at the same level as at the height of the pandemic, this was only to be expected once the world started to reopen. The fact that Zoom is continuing to generate above-average growth across all key metrics in these rapidly changing times is a testament to the resilience and staying power of its business.

I for one think this simply creates a great opportunity to invest in a high-quality business at a bargain, and Cathie Wood seems to think so too. With shares down by about 30% year-to-date, this is definitely a premium buying opportunity for long-term investors who still believe in the underlying strength of the company and its long-term growth story.