There's a difference of opinion about which marijuana stocks will be the biggest winners. While big Canadian marijuana stocks get most of the attention, some prefer the stocks of Canadian marijuana growers that don't have quite as large market caps. Other investors think focusing on U.S. marijuana stocks is a smarter approach.

Two marijuana stocks that fit these perspectives are MariMed Inc. (MRMD 1.40%) and The Green Organic Dutchman Holdings Ltd. (TGOD.F 4.62%). MariMed is one of the top U.S. marijuana stocks. The Green Organic Dutchman, or TGOD for short, is a Canadian marijuana stock with a market cap of around $700 million -- well below the biggest players in the industry. 

But which of these two marijuana stocks is the better pick for long-term investors? Here's what you need to know about how MariMed and TGOD compare.

Stem and leaves from a marijuana plant with $100 bills in the background

Image source: Getty Images.

The case for MariMed

A rising tide lifts all boats. The rising tide for MariMed is the rapid growth in the U.S. marijuana market. And the company doesn't just have one boat -- it has several.

MariMed is best described as a professional management services provider to the U.S. cannabis industry. The company develops cannabis production facilities and leases them to clients. It helps marijuana-related businesses obtain the state licenses they need. MariMed also provides consulting services to its clients.

Thanks to its recent acquisition of iRollie, MariMed supports the cannabis industry in another way. iRollie manufactures branded cannabis products and accessories and provides custom product and packaging for customers.

In addition, MariMed claims its own lineup of cannabis products. Its Kalm Fusion branded products include cannabis-infused popcorn, mints, and melts. The company also markets Betty's Eddies cannabis-infused fruit chews.

MariMed currently operates in five states: Delaware, Illinois, Maryland, Massachusetts, Nevada, and Rhode Island. Two of these states -- Massachusetts and Nevada -- have legalized recreational marijuana as well as medical marijuana. Illinois appears to be on track to legalizing recreational marijuana as well after the elections last week.

The company is also preparing to expand into Florida, Michigan, New Jersey, Ohio, and Pennsylvania. Michigan residents voted to legalize recreational marijuana on Nov. 6. And while Florida only allows medical marijuana, Arcview Market Research and BDS Analytics project the state's marijuana sales will total $1.7 billion by 2022. That should rank Florida as the third-biggest marijuana market in the U.S.

The case for The Green Organic Dutchman

The Green Organic Dutchman is admittedly late to the party in the Canadian marijuana market. However, the company isn't letting that stop it from working hard to make a big splash.

TGOD is scrambling to build facilities in Ontario and Quebec that could make it a top five marijuana producer by 2020. Its Hamilton, Ontario, facility should be completed in the first quarter of 2019 and enable TGOD to grow around 14,000 kilograms per year.

The company's Valleyfield, Quebec, facility should begin production in the first half of next year. When completed, it will be the largest organic cannabis production facility in the world, with an annual production capacity of 142,000 kilograms.

That's not all, though. TGOD's stake in Jamaican cannabis producer Epican gives it even more capacity. Production is expected to begin soon in Epican's Jamaican facility, a site that will be able to grow 14,000 kilograms of cannabis per year.  

The Epican partnership is just one example of TGOD's international strategy. The company also acquired HemPoland, a which markets one of the leading cannabidiol (CBD) brands in Europe. TDOD entered into a joint venture with LLACA to enter the Mexican medical marijuana market. 

Perhaps the strongest case for The Green Organic Dutchman is the "bang-for-the-buck" argument. TDOD provides more fully funded production capacity for each dollar invested than most other Canadian marijuana stocks.

Better marijuana stock

Both MariMed and The Green Organic Dutchman could win over the long run. However, I think there's a reason why MariMed ranked as one of the best-performing marijuana stocks in October, a period when most marijuana stocks suffered. That reason is MariMed's clear runway for generating future growth.

MariMed is well-positioned to expand into additional states. And with an increased likelihood of federal marijuana reform in the U.S., the company could be in even better shape within a few years. TGOD looks attractive on some fronts, but I think MariMed is the better marijuana stock.

I wouldn't go so far as to say that MariMed is a great pick for most investors, though. The stock price reflects a lot of anticipated growth. My view is it's best to wait and see how well MariMed performs over the next year.