Growth stocks have started a turnaround in the early part of 2023, but many of these companies are still trading down considerably from all-time highs. Looking beyond share price, great companies with clear paths to continued growth are still abundant, even in a highly volatile market. 

Here are two such stocks to consider adding to your buy basket. 

1. Innovative Industrial Properties 

Innovative Industrial Properties (IIPR -0.28%) is a unicorn in the world of cannabis stocks. It is neither a retailer nor cultivator of the product, and it is highly profitable.

The company is a real estate investment trust (REIT). It owns a fast-growing portfolio of industrial facilities and other structures that it leases to state-licensed growers of medical cannabis. 

Some of the company's well-known tenants in the marijuana industry include Cresco Labs, Green Thumb Industries, Trulieve Cannabis, and Curaleaf. Also key to Innovative Industrial Properties' business is the triple net lease it signs tenants to, which makes the growers responsible for almost all of the costs associated with the properties they rent out.  

The average lease length that a tenant signs with Innovative Industrial Properties is 15 years, and the company consistently collects 90% of rents and up (it was 97% as of the end of 2022).  

Moreover, the REIT has diversified its tenants and properties so that no tenant accounts for more than 14% of its portfolio, and no state contains more than 16% of its portfolio. Its tenant base includes multi-state operators and public companies, with the former representing 85% of its operating portfolio and the latter 55%.  

In the first nine months of 2022, revenue was $206 million, while adjusted funds from operations (FFO) and net income came in at $174 million and $112 million, respectively. These metrics represented year-over-year increases of 41%, 38%, and 33%, respectvely, from the same nine-month period in 2021.  

As a REIT, Innovative Industrial Properties must pay out at least 90% of its taxable earnings as dividends. As the company's earnings have skyrocketed (FFO jumped 1,500% in the last five years alone), so has its dividend. It currently yields 8%.  

Investors who have held on to Innovative Industrial Properties over the last five years have a total return of more than 320%. If you're looking to buy into the potential of the cannabis space without going the traditional route of a retailer or cultivator, this profitable and fast-growing business might be worth considering.

2. Airbnb 

Airbnb (ABNB -1.55%) isn't relying only on vacation travel for long-term growth. Its innovative platform keeps evolving to meet the needs of all kinds of travelers. This strategy is working, and the company's recovery has left other travel stocks in the dust in the post-pandemic era.

Revenue growth is strong, profits are soaring, and Airbnb is drowning in cash. In 2022, revenue soared 40% year over year to reach $8.4 billion -- which was also an increase of 75% compared to 2019.

With four consecutive quarters of profit in 2022, the company had its first year of annual profitability in its history, generating $1.9 billion on the bottom line.  

Airbnb generated $3.4 billion in free cash flow in 2022 --  an increase of 49% year over year, and 3,072% compared to the full-year 2019. At the end of 2022, it was sitting on a stockpile of cash and investments of $9.6 billion.  

Airbnb is actively working to refine its platform for both hosts and guests. The company launched a series of new tools for hosts as part of its Winter 2022 release, including improvements to its AirCover protection for hosts, such as guest identify verification and increased availability of damage reimbursement.

More and more people are looking to host on Airbnb to replace or supplement income. The company reported that it closed 2022 with a record 6.6 million active listings, up 16% from the prior year.

It also introduced a program called Airbnb-Friendly apartments. In the 2022 earnings call, CEO Brian Chesky described this program:

You know, the tenants sign a sublease to a fixed number of days a year they can rent, typically less than 180 days. So the whole idea is, these are people's primary homes, and they rent them when they're gone. And, you know, I think we're going to get a lot of demand because there's a lot of benefits to [the] landlord. No. 1, a landlord gets visibility control around who's doing what in their building. No. 2, they get a lot of free demand of people that want to lease their apartments. And [No. 3,] they get a cut on the Airbnb ... commission."  

Airbnb's considerable market share in the vacation rental space gives it a key competitive edge. And its ability to tap into segments like long-term stays -- and now, more traditional apartment rentals -- means that it shouldn't be wholly dependent on the travel industry for growth in the years ahead. For investors, this is just one of many bright green flags for this growth stock.