Marijuana legalization is leading to a boom in cannabis stocks. Public opinion has swung in favor of marijuana reform. So, it seems likely that federal and state laws will continue to change. Investors have also been flooding into that sector in response to news of the potential for legalizing cannabis. Cannabis stocks are on the rise as a result.

In recent years, growing momentum around marijuana legalization has sparked fierce debates on Capitol Hill and in state legislatures. Amidst this political tug-of-war, however, it is clear that marijuana has quickly become a bipartisan issue.

The recent Monmouth University poll states that more than two-thirds of Americans favor legalizing recreational marijuana use in small amounts. Most of those on both sides agree with the policy; 76% of Democrats and 52% of Republicans are in support.

Due to these positive tailwinds, the time is ripe to look at cannabis stocks. As the industry expands, investors have been impressed by many of its opportunities. However, the following three companies are the ones that can light up when marijuana is legalized.

Tilray (TLRY)

Tilray (NASDAQ:TLRY) has been on a wild ride in the last few months, experiencing both dramatic highs and lows as investors react to shifting market conditions and new developments in the cannabis industry. The stock price soared at the start of the year, fueled by heavy speculation around Tilray’s potential in the international cannabis market. However, prices plummeted as Tilray began to face increased competition from other players in the space.

Recently though, Tilray is regaining ground. The stock price for Tilray has shot up more than 33% during the last month. It makes Tilray one of the top-performing stocks on the market today. Much of it relates to positive external factors, such as the remarks from Senator Chuck Schumer during the Sunday debate between him and his Republican rival Joe Pinion. Schumer has said that Congress is getting “very close” to an agreement on a marijuana bill that would allow legal pot businesses access to banking services. But there are initiatives Tilray is taking that are helping momentum as well.

Earlier this year, Tilray completed its merger with Aphria to create a global powerhouse that dominates the market in terms of revenue and sheer size. The Tilray and Aphria merger will deliver direct cost savings of around $78 million a year, 24 months out.

Tilray’s assertiveness suggests it is looking to get ahead of any potential competitors, with its recent acquisitions including several American craft beer makers as part of this effort – proving its commitment to carving out an identity for itself here despite competition from larger companies. Additionally, it is spending money on acquiring new assets to build its business lines in the United States. In 2021, Tilray Brands acquired two California craft breweries and one Colorado-based distillery.

Curaleaf Holdings (CURLF)

Curaleaf Holdings (OTCMKTS:CURLF) is a leading U.S. multistate operator of cannabis dispensaries and cultivation sites, with 144 locations spanning 21 states across the country. With its extensive network, Curaleaf has emerged as one of the top cannabis companies in this rapidly growing industry.

Curaleaf Holdings is a cannabis company that has seen remarkable success recently. Unlike many other marijuana stocks, which tend to focus primarily on the Canadian market, Curaleaf is unique. It has a much stronger focus on U.S. assets. This has given Curaleaf a distinct advantage, giving it access to a larger and more lucrative market than most of its competitors. With this in its favor, Curaleaf Holdings looks set to continue thriving in the booming cannabis industry.

Curaleaf has had an extremely successful year so far, reporting impressive revenue numbers in a tough year. Curaleaf saw revenues grow 8% year-over-year and sequentially in the second quarter. This jump was mainly due to the opening of new stores and the launch of cannabis for adults in New Jersey. Additionally, the company’s adjusted EBITDA increased by 18% to $86 million during this period. Perhaps most impressively, Curaleaf also generated a positive operating income of $12 million, demonstrating the strength and health of the company’s operations. Overall, Curaleaf’s impressive financial results indicate its continued dominance in the legal cannabis industry. That makes it one of the top companies to watch in this rapidly expanding market.

Curaleaf is robust, providing high-quality products and services to its customers. And because of its success, it has expanded into new territories. So if you’re looking to invest in multistate operators (MSOs) with real staying power, Curaleaf definitely should be on your radar as one of the top cannabis stocks to buy.

Green Thumb Industries (GTBIF)

Green Thumb Industries (OTCMKTS:GTBIF), or GTI, is one of the leading marijuana companies in the United States. Operating out of 77 dispensaries all across 15 different markets, GTI has carved out a name for itself as a profitable and successful MSO.

The company’s success is built on its commitment to high-quality products, competitive pricing, and innovative marketing and distribution approach. What truly sets Green Thumb Industries apart, however, is its profitability. Unny of its competitors, Green Thumb, has demonstrated a consistent track record of generating steady profits. In the third quarter, the Chicago-based chain reported a 12% sales growth for the September quarter and widening profits. The company noted that it’s been able to maintain higher pricing in recent quarters and that its new products are boosting sales.

Whether you’re new to Green Thumb or a long-time investor, there’s no denying this company is one of the top players in the field. With a proven track record, Green Thumb is well-positioned to capture an even greater share of the cannabis market. So if you’re looking for a winning investment opportunity, Green Thumb Industries should be at the top of your list.

New Jersey remains a significant growth opportunity for GTI, with its large population and significant potential for recreational cannabis legalization. Additionally, GTI remains focused on investing in promising emerging markets with great economic potential. Ultimately, GTI has what it takes to continue flourishing and drive long-term success in the cannabis industry. That makes this one of the best cannabis stocks around.

On the publication date, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.