A good way to grow your portfolio over the long term is to invest in growth stocks. While dividend stocks may offer more consistency, there's no guarantee that their recurring payouts will continue. And the potential stock price returns earned from a solid growth stock are more than what you can earn from a dividend, anyway.
With the coronavirus pandemic pushing stock prices down, there are many bargains right now that are likely to not only recover to recent highs but keep growing for years and even decades beyond. If you have cash available to invest, then the following three growth stocks are great options to add to your portfolio today.
Innovative Industrial Properties (NYSE: IIPR) is a real estate investment trust that offers investors one of the safest ways to invest in the growing cannabis industry. By providing real estate to the medical marijuana industry, Innovative Industrial isn't taking on any of the growing risks. Nor is it concerned about whether the product will be at a high enough quality or whether it will sell at a large profit. The company has locations all across the country, partnering with several different growers.