Many of the best stocks to buy come with a high price tag. This fact is hardly surprising: Companies with exciting growth prospects will generally attract a lot of attention, and as investors load up on shares of these companies, their stock prices rise accordingly. However, it is still possible to find good stocks to buy on a budget, especially considering that the ongoing COVID-19 pandemic has led to so many great stocks being thrown in the discount bin. With that in mind, here are two excellent cannabis stocks that are currently going for less than $10 apiece: Charlotte's Web Holdings (CWBHF 3.12%) and Planet 13 Holdings (PLNH.F 3.29%)

Charlotte's Web Holdings 

Charlotte's Web provides cannabidiol (CBD)-derived products such as gummies and oils, and the company stands as one of the leading players in this industry. Charlotte's Web continues to expand its footprint in this market, too. The company's products can now be found in more than 10,000 stores across the U.S., and that number is set to increase soon: Charlotte's Web recently announced it would acquire Abacus Health, which provides over-the-counter CBD products in more than 12,000 stores, in an all-stock transaction valued at $69 million. 

CBD oil in glass containers, cannabis leaf, and cannabis seeds on a table.

Image source: Getty Images.

This transaction, which is expected to close sometime this year, will significantly increase Charlotte's Web's footprint in its market and diversify the company's product offering. Still, detractors may point to a significant obstacle that could hinder Charlotte's Web's growth: Last year, the U.S. Food and Drug Administration (FDA) famously informed consumers about the dangers of CBD, warning that the substance can cause liver damage. 

The FDA has also issued warning letters to several companies making unproven claims about the health benefits of their CBD-based products. These developments did affect Charlotte's Web's financial performance; CEO Deanie Elsner noted that "in November, the FDA issued several warning letters to certain CBD companies which caused our customers to pull back across all channels, negatively impacting the sector and our sales."

There is at least one other way in which the FDA is proving to be a thorn in Charlotte's Web's side. The company argues that its growth is being hindered by the lack of regulatory direction regarding CBD products. But even with these obstacles, I believe investors would do well to bet on Charlotte's Web. Not only will the recent acquisition of Abacus Health boost its revenue and profits, but in the long run, the company is ready to profit once the FDA finally does release these regulatory directions. 

To quote Elsner again: "The opportunity for Charlotte's Web will be both the expansion of our distribution breadth across national retailers, in addition to the expansion of our portfolio depth within each retailer. The catalyst for this significant revenue inflection point would be the FDA setting guidelines for dietary supplements."

In my view, these factors make Charlotte's Web's stock a buy, especially considering that its shares are trading for just under $7 apiece at the moment. 

Planet 13 Holdings 

Planet 13 Holdings is a marijuana dispensary operator headquartered in Las Vegas. But this isn't just any weed store: Planet 13 has managed to differentiate itself from its operators and carve out a niche for itself with its flagship location in Las Vegas, which it calls a "cannabis entertainment complex." Simply put, the focus of this particular dispensary is on the experience of the customers as much as on the cannabis products the company sells.

Planet 13' "Superstore" boasts a restaurant and a coffee shop, among other things. And the store benefits from one significant advantage -- location. Planet 13's superstore is located near the Las Vegas Strip, which means it is almost guaranteed to attract a significant number of visitors year-round -- unless, of course, there is a pandemic forcing people to practice social distancing. Thanks to its unique business model, Planet 13 Holdings performed well last year.

The company had more than a million visitors during the year, accounting for about 9% of cannabis sales in a competitive market in Nevada. Last year, while many cannabis companies were busy shedding much of their value, Planet 13 Holdings' stock soared by almost 80%. Sure, the company isn't doing nearly as well this year, but that's hardly surprising given the current market conditions. Looking forward, though, Planet 13 Holdings could be a big winner in the long run.

The company has plans to expand its presence and open eight more cannabis superstores in several high-profile U.S. cities over the next five years. Planet 13 Holdings is still in the early stages of its growth, and as the company expands its presence, its revenue and earnings could follow suit. That's why investors would do well to buy shares of the cannabis company at a measly $1.25 apiece.