Perhaps it's no coincidence that cannabis is green, because the green rush has generally treated investors well. Those folks with the foresight, and luck, to have invested in some of the pot industry's best-known names are potentially up well over 1,000% in less than four years.

The big question, of course, is where cannabis stocks are headed next. There are, obviously, huge growth forecasts attached to the industry, with investment bank Stifel calling for as much as $200 billion in annual sales in a decade. But, as investors, we also know that not every company in a fast-paced industry can be a winner.

Following a short-term slump over the past four months, the following 10 pot stocks are now valued at less than half of Wall Street's consensus price target. Or, put another way, Wall Street believes (at least based on its consensus price target) that these 10 cannabis stocks should double in value, if not run even higher. Here you'll see just how much these 10 marijuana stocks would need to increase to hit Wall Street's consensus price target.

A handful of dried cannabis buds lying atop a messy pile of cash bills.

Image source: Getty Images.

1. MedMen Enterprises: 196% upside

You might be surprised to learn that among the dozens of well-known pot stocks to choose from, upscale dispensary operator MedMen Enterprises (MMNFF) is furthest from Wall Street's price target, which implies an almost tripling in value. MedMen certainly has a knack for normalizing the cannabis buying experience, is set to entrench itself in big markets like California and Florida, and will double its state-based reach when its acquisition of PharmaCann closes. But it's also losing money at an alarming rate, which could eventually lead Wall Street to tone down its bullishness.

2. Acreage Holdings: 171% upside

No surprise here, either, with Wall Street forecasting that multistate dispensary operator Acreage Holdings (ACRGF) has 171% upside. Acreage does lead all dispensary operators in terms of the number of states it operates in (20), on a pro forma basis, and it's among the top five in terms of retail licenses held. Remember, though, Acreage has agreed to be acquired by Canopy Growth in a cash-and-stock contingent-rights deal, and Canopy's stock has taken a beating of late. This is likely why Acreage's share price has diverged so far from Wall Street's consensus price target in recent months.

3. Canopy Rivers: 165% upside

Canopy Growth's spun-out venture capital business, Canopy Rivers (CNPO.F 3.57%), is another stock that investment banks seem to favor. Canopy Rivers has made more than a dozen investments in public and private companies to date, and it operates as a relatively low-cost investment business, meaning it wouldn't be all that difficult to generate a recurring profit. Not to mention, Canopy Growth and Canopy Rivers have a symbiotic working relationship that should prove valuable for both companies over the long term.

A physician with a stethoscope around his neck holding a baggie of dried cannabis in his right hand and cannabis oil capsules in his left hand.

Image source: Getty Images.

4. Aleafia Health: 163% upside

Shares of Aleafia Health (ALEAF 10.22%) have taken a huge hit since it completed its all-stock merger with Emblem in March. Even though the deal made Aleafia a top-10 grower in Canada by peak output, and it increased the number of medical centers the combined company is operating to more than three dozen, uncertainty remains over how Aleafia will sell up to 138,000 kilos of cannabis per year. Furthermore, there are clear concerns about how ongoing share-based dilution will impact investors. Though Aleafia's price target isn't unattainable, it'll require securing the trust of investors first.

5. Trulieve Cannabis: 155% upside

Now, Florida-focused dispensary operator Trulieve Cannabis (TCNNF 7.33%) is an easy pot stock to get excited about. Having recently opened its 30th retail location in the Sunshine State, Trulieve has forecast a better than doubling in its 2019 sales to a range of $220 million to $240 million, with up to $400 million in revenue projected for 2020. All the while, adjusted EBITDA could effectively quadruple in 2020 from 2018 levels. Not too many pot stocks are profitable right now, but Trulieve Cannabis has consistently delivered the green. 

6. Green Thumb industries: 149% upside

If you're noticing a theme here, it's that Wall Street sees U.S.-focused multistate dispensary operators as undervalued. Green Thumb Industries (GTBIF 3.94%) finds itself in the top five among retail licenses held with 95, and it has licenses to open stores in a dozen U.S. states. Perhaps most intriguing is Green Thumb's acquisition of Integral Associates, giving the company access to the highly lucrative Nevada market, as well as a spot on the Las Vegas Strip.

An up-close view of an ultra-premium quality cannabis flower.

Image source: Getty Images.

7. The Supreme Cannabis Company: 131% upside

Supreme Cannabis Company (SPRWF) isn't a major Canadian grower, but it does offer something unique: premium and ultra-premium dried flower. Whereas most Canadian growers are focused on quantity and meeting provincial wholesale supply deals, Supreme Cannabis' 7Acres campus should be capable of around 50,000 kilos of very high-grade cannabis and pot derivatives, most or all of which should be insulated from concerns of oversupply or commoditization.

8. Flowr Corp.: 123% upside

Interestingly enough, the only other publicly traded marijuana stock that can really challenge Supreme Cannabis on quality is Flowr Corp. (FLWPF). Flowr's core campus is Kelowna in British Columbia, and it'll be yielding around 50,000 kilos of premium and ultra-premium dried flower when complete. As an added note, it'll also be producing 300 grams per square foot, per company estimates, making Kelowna incredibly efficient. Also, with Flowr announcing the acquisition of its unowned stake in Holigen, it gains access to an outdoor grow farm in Portugal that's capable of 500,000 kilos a year of production. Suffice it to say that Flowr's price target is very much attainable.

9. Valens GroWorks: 109% upside

Another intriguing area of the cannabis industry is extraction, with Valens GroWorks (VLNS) one of the must-know contractors. The rise of cannabidiol (CBD), which forecasts to grow into a $23.7 billion market in the U.S. by 2023 from a little more than $600 million in 2018, has fueled the desire of growers to seek extraction deals with the likes of Valens and its peers. Most notably, Valens GroWorks landed a two-year agreement to extract an aggregate of 80,000 kilos of hemp and cannabis biomass from HEXO. Extraction-service providers look like a very smart way to play the CBD craze.

10. Cresco Labs: 108% upside

Last, but not least, Wall Street believes multistate dispensary operator Cresco Labs (CRLBF -1.16%) can add 108% to its current share price. Though Cresco does have access to 11 states, as well as holds 56 retail licenses, it's the company's pending all-stock acquisition of Origin House that has Wall Street excited. Origin House is one of a select few companies to hold cannabis distribution licenses in California, thereby giving Cresco access to more than 500 dispensaries in the Golden State. Though share-based dilution has been troublesome, Wall Street's target price is achievable.