This year's U.S. presidential election is one of the closest in recent memory. Yet with Democratic candidate Joe Biden currently having the easiest path to a victory in the race with President Donald Trump, investors would be well-served to consider the stocks of companies that stand to profit handsomely from a Biden-led administration.

Here are three stocks that could deliver sizable rewards to their shareholders should Biden win.

1. Brookfield Renewable

Biden has called climate change the "No. 1 issue facing humanity." He wants to help transition the U.S. from fossil fuels to renewable energy sources in the coming decades, with the goal of reaching net-zero emissions by 2050. To do so, the Biden campaign has put forth a plan to invest $2 trillion over the next four years in clean energy projects. 

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That plan would be beneficial for Brookfield Renewable Partners (NYSE:BEP) (NYSE:BEPC). Brookfield owns and operates one of the most expansive and valuable portfolios of renewable power assets. Its holdings span wind, solar, hydroelectric, and energy-storage facilities. 

Brookfield excels at building, acquiring, and improving renewable energy projects. It passes its bountiful cash flows on to investors via a steadily growing distribution, which has increased by an average of 6% annually over the past 20 years. It's a powerful wealth-building formula; Brookfield has delivered total returns to investors of roughly 18% annually over the past two decades. Looking ahead, Brookfield is targeting long-term returns of 12% to 15%, including annual cash payout increases of 5% to 9%. A Biden victory could turbocharge Brookfield Renewable's growth, and, by extension, the returns it generates for investors. 

2. Brookfield Infrastructure

Biden also vows to rebuild "America's crumbling infrastructure." He plans to build, repair, and modernize our roads, bridges, ports, railroads, water systems, electricity grids, and broadband internet systems. The investments Biden wants to make in these vital areas would bode well for Brookfield Infrastructure (NYSE:BIP) (NYSE:BIPC).

Brookfield is one of the largest owners of infrastructure assets in the world. Like its sister company, Brookfield Renewable, Brookfield Infrastructure specializes in purchasing high-quality businesses at a bargain price, strengthening their operations and cash production abilities, and selling them at a profit -- or harvesting their cash flows for investors. Brookfield Infrastructure also has a sterling track record of value creation, including annual total returns of approximately 15% since entering the public markets in 2008. 

Biden's plan would see more capital flow toward infrastructure. That, in turn, could create a bounty of development projects for Brookfield to invest in, propelling its expansion and boosting its cash distributions -- and overall returns -- to investors.

3. Aphria

In addition to spending heavily on clean energy and infrastructure, the Biden campaign has promised to decriminalize marijuana at the federal level. It would be an important step toward full-fledged legalization in the U.S., and it could make it easier for cannabis companies to gain greater access to banking and other much-needed services. It might also help to improve Americans' views toward cannabis, perhaps accelerating legalization at the state level in the process.

These trends would all be highly beneficial to Aphria (NASDAQ:APHA). Aphria is one of the more profitable cannabis companies, with six straight quarters of positive adjusted earnings before interest, taxes, depreciation, and appreciation (EBITDA). It's also flush with cash; Aphria ended its most recent quarter with over $400 million in cash reserves. 

Better still, Aphria is well-positioned to profit from the growth of the U.S. marijuana market. The cannabis producer recently reached an agreement to acquire Sweetwater Brewing Co., one of the largest independent craft brewers in the U.S. and maker of the popular 420 brand. The deal is expected to strengthen Aphria's retail distribution network in the U.S. ahead of federal legalization of cannabis -- which could come sooner than investors currently expect, should Biden be elected president.

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.