The marijuana industry hit a major milestone last week. While much of the focus was on SpaceX and its IPO, there was also big news in the pot market.

Trulieve Cannabis (TRLV +1.32%) is now trading on the New York Stock Exchange under the ticker symbol TRLV. It's a massive milestone for the industry as this represents the first U.S.-based marijuana company to trade on a major U.S. exchange. Due to the federal ban on marijuana, U.S. marijuana companies have had to settle for over-the-counter exchanges where the investing pool is significantly smaller. But that's no longer the case.

Should you buy Trulieve's stock right now?

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Trulieve is a beast in the industry

Trulieve is one of the largest multi-state operators in the country, with over 200 locations. It has a particularly strong presence in Florida, recently opening its 170th dispensary there. It has a dominant position in the industry, and by focusing on medical marijuana, it's been able to generate some strong growth, due to the growing popularity of using marijuana for health reasons, including as a way to relieve pain.

In the trailing 12 months, the company generated approximately $1.2 billion in revenue and reported an operating profit of $149 million. It's one of the strongest and most financially strong companies in the industry. It's well-positioned to capitalize on opportunities in both medical and recreational marijuana markets in the future. The company has also generated strong free cash flow totaling $224 million over the past four quarters.

For long-term investors, Trulieve could make for a compelling buy right now

This year, Trulieve's shares are up 12%. At a market cap of less than $2 billion, it's still a fairly small company, despite being a big player in a burgeoning industry. According to estimates from Grand View Research, the marijuana market in the U.S. could grow to be worth over $76 billion by 2030, averaging a compounded annual growth rate of 11.5% until then. This, however, depends heavily on what happens with marijuana legalization. It's by no means a sure thing, but it does demonstrate just how intriguing the growth opportunity is.

If you're a growth-oriented investor willing to take on the risk and uncertainty that comes with investing in marijuana stocks, Trulieve could be a great option to consider. It's one of the safer stocks in the industry due to its size, dominance, and solid financials.