One of the Best Cannabis Stocks to Buy at Bargain Levels

If you've been following along with Money Morning, you already know about the latest gold rush. The cannabis industry is expected to grow to $66.3 billion by 2025. And investors are scrambling for the best cannabis stocks to buy.

Money Morning Director of Cannabis Investing Research Greg Miller calls today's pick the Microsoft Corp. (NASDAQ: MSFT) of Weed.

By that, he means that the marijuana industry has profit potential similar to the tech giants of the 1980s and 1990s. A $10,000 investment could lead to $1,000,000 in just a few years.

And we're going to show you our top marijuana stock in just a minute.

Remember, though, the best marijuana stocks aren't going to climb in a straight line. Many are fledging companies developing new products and new markets.

Marijuana is completely legal in Canada. But the United States has been slow to legalize on a federal level. As a result, some marijuana companies have difficulty accessing banks and other services that are subject to federal regulation. This has held back the market from reaching its full potential, for now.

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But our best cannabis stock is exciting right now, specifically because the share price tumbled recently.

For a leading stock in the red-hot marijuana market, a declining share price is a clear "Buy" signal. When stocks become cheap despite their expected earnings growth, smart investors want in.

That's what's happening now to one of the top marijuana stocks today.

Marijuana might not be fully legal in every state. But that's part of the buying opportunity, too. Every added legalization measure from state or federal government grows this profit opportunity for cannabis stock investors.

In fact, one of the best cannabis stocks to buy recently reported operating results.

Recently, this pot stock fell 50%. And that only means 50% more profit when the cannabis industry grows to $66.3 billion.

Without further ado...

One of the Best Cannabis Stocks Is a "Buy" Long Term

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So far this year, Canopy Growth Corp. (NYSE: CGC) shares have plummeted 50%.

But earnings currently don't reflect the potential future of a stock like CGC. Long term, it's one of our highly recommended cannabis stocks to buy.

We aren't the only people who think so. The management of Constellation Brands Inc. (NYSE: STZ), a beverage company, purchased a large stake in CGC because of potential future synergies.

The factors behind the 50% drop after reported earnings are easy fixes.

Canada's recreational weed use was less than expected, for one. Also, CGC's oil and soft gel inventories piled up because it conflated the demand for these products with the demand for medical marijuana. All Canopy needs to do here, though, is shift its quotas for these products.

While the market reacts to short-term operations, smart investors are looking at the long term.

In the short term, Canopy is a bargain, but in the long term, it's the jackpot. It's still early, and the company is doing everything it can to position itself for growth.

Even Amazon.com Inc. (NASDAQ: AMZN) made mistakes early on. But it wasn't bad enough to stop a paradigm shift.

Amazon changed the entire retail world. And now AMZN is one of the most successful stocks available.

We see the same potential in Canopy Growth.

Like Amazon, Canopy enjoys first-mover status. It's had more time to play around at ground-level than any of its competitors, with dibs on the market share.

First-mover advantage is likely to help Canopy in the United States as legalization expands.

Revenue estimates may be off in the short term, which may hurt the stock given analyst concentration on quarterly results.

This may be frustrating for investors. But new products and initiatives are coming that could be major catalysts for the stock. Among these are pain management products.

This points back to the U.S. opioid epidemic. Legal claims against pharmaceutical companies are in the billions in the courts.

While this happens, cannabis presents a safer alternative. And it's likely to be just as profitable -but without the addictive power and thus the liability.

You can buy CGC at a discount right now. Then expect it to soar upward.

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