The cannabis industry has not been a hot place to invest in of late. Pot stocks have been crashing in value over the past year as the Horizons Marijuana Life Sciences ETF has cratered an incredible 66% during that time, while the S&P 500's losses have been a more modest 12%.

But when looking at the long term, the industry still possesses attractive potential. Analysts from BDSA project that global cannabis sales will hit $61 billion by 2026 -- that's 74% higher than the $35 billion that the market will be worth this year. There's plenty of growth available. And a couple of pot stocks that can make good buys amid all those opportunities are Cresco Labs (CRLBF -0.56%) and Ayr Wellness (AYRW.F -1.34%)

1. Cresco Labs

Chicago-based pot producer Cresco Labs has been hitting new 52-week lows, and at around $2.50 per share, it's down close to 80% from its high. And yet this is a company that's poised to potentially become the largest marijuana producer in the country once its acquisition of fellow multi-state operator Columbia Care goes through. That's expected to happen before the end of this year.

But Cresco is a quality stock to own even without the deal. A key reason I invested in them is that the company isn't overly aggressive in its expansion (it's currently in 10 states while rival Curaleaf is in 22) and focuses on being strategic in the moves it makes. That can keep costs down and allow the business to post a strong bottom line. 

For the period ending March 31, sales of $214.4 million rose 20% year over year, and the company's operating income of $20.3 million rose at an even higher rate of 25%. Cresco's expenses haven't spiraled out of control, and the company's sound management is why investors can trust this stock over the long haul. Its share performance over the past year (it's down 77%) isn't indicative of how well the business is being run and has more to do with the broader cannabis market.

At a price-to-sales (P/S) multiple of just 0.8, Cresco has never traded at a cheaper multiple. Buying this stock and remaining patient as it grows and expands can be an excellent move for long-term investors to make right now.

2. Ayr Wellness

Ayr Wellness is a stock that has struggled even more over the past year. Down a whopping 83%, it can be unnerving to invest in a stock that's amid such a free fall. However, here again, patience can pay off in droves. 

Ayr is focusing on some of the hottest markets in the country. Arizona, Florida, Illinois, Ohio, Massachusetts, Nevada, New Jersey, and Pennsylvania are all states where it has a footprint. The company estimates that through just those states, it will reach 40% of the entire cannabis market in the U.S. Like Cresco, Ayr is being strategic in picking its spots carefully. 

The company is on the cusp of some great growth, projecting that by the end of this year, its annualized revenue run rate will be approximately $800 million. That's nearly double where it is right now; for the period ending March 31, sales of $111.2 million grew 90% year over year. While that's impressive, that puts it at a run rate of less than $450 million. But with the company expanding its presence across the country, it still believes that it will hit its goal by the fourth quarter.

There's plenty of growth for Ayr to pursue in the states where it's active. And at a slightly lower P/S multiple than Cresco Labs, it too gives investors a lot of value for their money. The key is remaining patient.