Traditional, blue-chip stocks and FANG just aren't cutting it right now. Smart investors will consider alternative strategies to diversify out of the same-old, same-old.

Traditional investments just aren't cutting it anymore. If you want to get the most out of this market and this investing landscape, it's time to start considering alternative plays. Two new all-stars to the alternative space are cannabis and cryptocurrencies, both of which are poised for considerable gains even amid a rocky stock market.

The legal cannabis industry is booming, expected to nearly quadruple in value by 2021. And some pot stocks are doing much better than the broader market, registering gains to the tune of more than 50% year-to-date.

Plus, investing in cryptocurrencies can cut back on correlative risk, as digital assets are tethered to very few economic and market-moving indicators. A hot jobs report or a Fed rate hike could throttle traditional stocks, but that kind of news rarely affects crypto.