Former Vice President Joe Biden enjoyed the spotlight last week as he became the official Democratic presidential nominee during the Democratic Party's national convention. This week, President Donald Trump had his turn as the Republican Party held its convention.

Right now, Biden claims a lead in most national polls as well as in several key battleground states that could decide which candidate secures an Electoral College victory. However, the election isn't until Nov. 3. A lot can change between now and then. And the betting odds that President Trump will win re-election have risen this month.

Whichever candidate wins will have an opportunity to implement policies that could significantly impact multiple industries. If you think President Trump will prevail again in November, here are three stocks to consider buying right now.

Hands holding up poster with "Elections 2020" printed on it

Image source: Getty Images.

1. Innovative Industrial Properties

Nothing has changed regarding the federal status of marijuana legalization during President Trump's first term. It's unlikely that much would change in a potential second term, either, especially if the GOP also retains control of the Senate. That scenario could be ideal for Innovative Industrial Properties (NYSE:IIPR).

Medical cannabis operators don't have many great options for obtaining the capital needed for expanding their businesses. IIP provides a solution. It buys the companies' properties then leases the properties back to them. Both parties win.

There are other companies that provide real estate capital to cannabis operators. So far, though, IIP is the only one listed on a major U.S. stock exchange. This gives it access to raising plenty of money through stock offerings that it can then use to buy more cannabis properties.

If there's a second term for Trump, IIP could extend its dominance in the market. That would likely translate to a continuation of its remarkable growth and more increases for its dividend -- which currently yields over 3.4%.

2. Vulcan Materials

President Trump has often voiced his goal to spend more on improving the nation's infrastructure. While no infrastructure bill has come to the Oval Office for his signature yet, it could happen in a second Trump administration. Vulcan Materials (NYSE:VMC) stands out as a top stock that would likely benefit from a major infrastructure spending program.

Vulcan ranks as the largest producer of construction aggregates in the U.S., including crushed stone, sand, and gravel. The company is also a leading producer of construction materials such as asphalt and ready-mixed concrete. These are exactly the kinds of materials that would be needed to rebuild the nation's infrastructure.

Geography could also work to Vulcan's advantage with four more years of Trump in the White House. The company operates in 20 states. Most of these states are in the southeast and southwest parts of the U.S. Many of these states in fast-growing areas where infrastructure upgrades are needed. They also tend to be states that supported Trump in 2016.

3. Walmart

Former Vice President Biden wants to increase the federal minimum wage to $15 per hour. President Trump has expressed some openness to a higher minimum wage but hasn't taken made any initiatives related to the goal. Assuming his inaction over the last four years continues into a second term, Walmart (NYSE:WMT) could be a big beneficiary.

Walmart currently employees 1.5 million workers in the U.S. That makes the company the nation's largest private employer. According to Glassdoor, the average hourly pay for a Walmart sales associate is $11. An increase in the minimum wage to $15 per hour would cost Walmart billions of dollars each year.

But if Walmart doesn't have to spend a lot more than it expects, its stock could continue to be a winner for investors. The company crushed second-quarter earnings estimates. The COVID-19 pandemic has boosted Walmart's sales. If the economic recession lasts longer than expected, Walmart could be one of the more resilient stocks on the market as consumers become increasingly more price-conscious.

What if Trump loses?

All three of these stocks could still perform relatively well even if President Trump loses in November. Walmart would likely be the most at risk, though, because of the potential negative impact of a minimum wage increase should Joe Biden win the presidency.

Innovative Industrial Properties could eventually see more direct competition in a Biden administration if federal marijuana laws are relaxed. The company would still probably be able to continue growing at a solid pace, but the financial terms that it offers medical cannabis operators might have to be more attractive to compete against rivals.

Vulcan Materials appears to be in the best position to win regardless of which candidate wins the presidential election. Both Trump and Biden are in favor of increased infrastructure spending. Vulcan's fortunes should improve if either of the two presidential nominees is successful in getting an infrastructure bill passed.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.