Investing in cannabis isn't easy. It requires a lot of patience. While the majority of Americans are in favor of legalizing marijuana, that doesn't mean that regulators have made it a priority to work on legislation or to push marijuana bills through Congress.

While the assumption is that nationwide legalization will eventually come, it's anyone's guess when that might actually happen. In the meantime, many growth investors have become frustrated and moved on to other industries where there's less ambiguity about the future. But for investors with more patience, there can be some terrific gains to make from this growing industry.

Two stocks that are among the best to buy in the cannabis industry today are Cresco Labs (CRLBF 0.18%) and Green Thumb Industries (GTBIF 0.78%). Here's a closer look at these two stocks and why, if your focus is on the long haul, they can be solid stocks to buy hand over fist right now and hang on to for years.

1. Cresco Labs

Cresco Labs is one of the top multi-state marijuana operators (MSOs) in the U.S. But what's different about the company compared to most is that Cresco's strategy involves carefully picking the locations where it operates. This isn't the largest MSO in terms of locations, but that can work to its favor by keeping costs down and manageable, while still having access to a huge chunk of the population.

Of the eight states where Cresco operates, seven are markets where annual sales will total more than $1 billion (based on estimates for 2025). Its focus has been on being in the most promising marijuana markets. And by next year, the markets it's in will be worth close to $21 billion.

Cresco Labs isn't profitable yet, incurring a quarterly net loss of $113.4 million for the period ended Sept. 30. However, its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin was relatively high in the most recent quarter at $49 million, which was 26% of revenue ($190.6 million).

At a market cap of $550 million, investors can buy the cannabis stock for about 0.7 times its trailing revenue, making this a dirt cheap investment to load up on right now.

2. Green Thumb Industries

Another top cannabis stock for investors to buy right now is Green Thumb Industries. The company still isn't the largest MSO in terms of footprint, but with a presence in 14 states and 92 retail stores, it's no slouch in the growth category.

Key to the company's growth is a focus on offering customers many types of brands, catering to a variety of different tastes and preferences. That appears to be paying off, as Green Thumb has been one of the better-performing MSOs in the U.S.

Green Thumb recently posted its year-end results, with revenue of $1.05 billion in 2023 rising modestly from the $1.02 billion the business generated in the previous year. But what's particularly encouraging is the company's strong bottom line, with Green Thumb reporting an operating profit of $184.6 million this past year. That was up 53% year over year, and it represented nearly 18% of revenue.

Shares of Green Thumb have risen by 36% over the past 12 months (as of March 6), as this has been one of the few cannabis stocks investors have been bullish about of late. But with a price-to-sales multiple of only 3, it's still not too expensive a buy given its impressive results.

Under more optimistic industry conditions, it wouldn't be surprising to see Green Thumb's stock take off even higher given how well it has been doing. Now can be an excellent time to add the stock to your portfolio.