The bull market is here. Two great growth stocks for $1,000 right now.

The early months of 2024 will undoubtedly bring a series of excellent market opportunities for investors. 2024 so far.Standard & Poor's 500 The indexes have hit a number of new records, and many investors are becoming more optimistic about putting cash into stocks than they were a few months ago.

Wall Street has a habit of falling into a bear market every four years on average. But here's the good news: In every bear market, the market not only recovers, but eventually makes new highs.

Bull markets occur on average every five to six years, and they usually last much longer than bear markets. So if you invest in good companies, hold on to them, and stay invested in both the highs and the lows, you can benefit from both the best and the worst days of the stock market.

On that note, if you have $1,000 to invest right now, here are two great companies to consider.

1. Innovative Industrial Real Estate Company

Innovative Industrial Properties (New York Stock Exchange) Stock Code (IIPR)is a unicorn among marijuana stocks because it doesn't actually grow and sell marijuana. Instead, the company operates as a real estate investment trust (REIT).

Innovative Industrial Properties acquires cultivation facilities, distribution centers, and other related real estate from state-licensed marijuana operators. The company then leases these facilities back to the operators through long-term agreements.

This model provides Innovative Industrial Properties with recurring rental income and improves operator profitability by allowing operators to focus on cannabis cultivation and sales.

It is worth noting that the REIT only leases to operators of medical marijuana, which is more tightly regulated nationally and is far more legalized than the recreational marijuana market. At the time of this writing, approximately 90% of Innovative Industrial Properties' portfolio of carpet rentals are leased to Multi-State Operators (MSOs), and approximately 60% of its tenants are publicly traded companies.

In 2023, the company reported operating income of $310 million and net income of $164 million, up 121 TP3T and 51 TP3T, respectively, from 2022. Adjusted working capital, a key measure of REIT performance, totaled $257 million for the year, an increase of $101.3T.

At year-end, the REIT owned 108 properties in 19 states in the United States. Currently, 95.8% of its operating portfolio is leased through triple net leases, whereby the lessee pays a significant portion of the costs associated with maintaining the property in addition to the rent.

Another impressive statistic is the rental collection rate, which as of February stood at 1,00%. The company also has a superb yield and a long track record of raising its dividend. The company's current yield is 7%, which is significantly higher than that ofStandard & Poor's 500Index average (1.31 TP3T), its dividend has grown by 3001 TP3T over the past five years.

The marijuana market can be a risky place to put your cash, at least until there is some level of uniform legislation at the federal level. That said, the marijuana niche remains a large and growing addressable market.

Innovative Industrial Properties has adopted an unusual model in this industry, which has resulted in steady, recurring returns for the company and its shareholders. Investors may want to consider getting a piece of the action.

2. Alibaba

Alibaba Group Holding Company (NYSE: BABA)The stock price has fluctuated over the years. Changes in Koon's management, Koon's resistance, a difficult macroeconomic environment, and a slowdown in overall growth are just a few of the factors that have led to the stock's decline. At the time of writing, Alibaba shares are down about 30% from a year ago and about 60% from five years ago.

According to the International Monetary Fund, China is the second largest economy in the world after the United States. The e-commerce market in China is expected to be valued at approximately $4 trillion by 2027.

The company accounts for about 50% of China's e-commerce market through a range of platforms, including its namesake Ali Baba, AliExpress, Taobao and Tmall. Ariba even has a growing market share in food cargos and fresh goods through its retail chain Freshippo.

Ali Baba also has a significant share in other lucrative markets such as cloud infrastructure services, digital media and entertainment. AriCloud controls about 40% of China's cloud infrastructure market. The company had planned to take its cloud unit public, but abandoned that idea late last year, and its shares have suffered as a result.

China has one of the strictest COVID seals in the world, so the gradual liberalization of the economy has translated into slower growth for market leaders like Alibaba. In addition, China's regulatory body imposed a $2.8 billion fine on Alibaba in an antitrust case a few years ago. In total, a number of factors have contributed to Alibaba's recent woes, some of which are beyond the company's control.

China's economy has begun to recover strongly. As these unfavorable factors subside, Alibaba will benefit from them, and Alibaba has an advantage in terms of market leadership and financial position.

In the most recent quarter, Alibaba's aggregate revenue grew 5% to $37 billion, and the company ended the period with approximately $92 billion in cash and investments. For more risk-averse investors, Alibaba still has significant growth opportunities in a number of rapidly expanding markets, and at its current discounted valuation, may be worth a second look.

Should you invest $1,000 in Bubbles now?

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Rachel Warren does not own any of the stocks mentioned above.The Motley Fool recommends Innovative Industrial Properties for its positions.The Motley Fool recommends Alibaba Group.The Motley Fool has a disclosure policy.

The Bull Market is Here: 2 Excellent Growth Stocks to Invest $1,000 in Now was originally published by The Motley Fool.