Are you looking for a top growth stock that can double your money? It's not easy finding investments with lots of upside in the stock market these days, given how bullish things have been over the past 12 months -- the S&P 500 has soared by more than 37%. But one sector that still possesses some great opportunities is cannabis, which continues to get larger as more states and countries legalize marijuana.

Two of the best pot stocks you can invest in today are Trulieve Cannabis (TCNNF 0.41%) and Village Farms (VFF 13.22%). Wall Street analysts have set price targets that are twice as high as where these stocks are trading right now, and it's easy to see why there is so much excitement around these businesses.

Two people talking and working inside of a greenhouse.

Image source: Getty Images.

1. Trulieve

Florida-based cannabis producer Trulieve has produced gains of over 160% in the past year. From afar, it may seem like the stock could be running out of upside given how well it has already done. But Trulieve may not be anywhere near its peak. Multiple brokerages see the stock doubling from the more than $38 per share it was fetching as of the close of last week. Canaccord Genuity has set a price target of more than $77 for Trulieve, while an analyst from Stifel Canada believes it can go even higher, to over $105. 

It's not a terribly big surprise that analysts might be excited about Trulieve. The company is one of the few in the industry that is producing profits. In 2020, Trulieve reported net income of $63 million on sales of $522 million -- which more than doubled from the previous year.

And even just during the first three months of 2021, its profits for the first quarter are already more than $30 million. Importantly, these numbers are not the adjusted EBITDA profits that many cannabis companies target -- they are true accounting profits, making them that much more impressive.

Trulieve has proven that it can post a profit while delivering terrific growth numbers. And as the company expands its presence into new markets, including Massachusetts and West Virginia (where it began operations earlier this month), its profits may only get larger. While Trulieve's stock has achieved incredible gains already over the past year, with plenty of growth opportunities on the horizon, it's not a mystery why analysts remain so bullish.

Investing in this pot stock could be a great move for investors today, as there's little reason to believe that Trulieve has come closing to peaking in value.

2. Village Farms

Village Farms has also doubled in value over the past 12 months. And analysts are bullish that it could double yet again. Raymond James set a price target of more than $20 for the Canadian-based cannabis stock last month, which is about twice the stock's current value.

Like Trulieve, Village Farms is a low-cost producer that has been able to outperform its peers by posting not just strong growth numbers but a solid bottom line. Although produce, including tomatoes, still represents the bulk of its business, that could change in the not-too-distant future. In July, its cannabis subsidiary, Pure Sunfarms, obtained a cultivation license from Health Canada for a second greenhouse, which will add to its capacity by 50%. Pure Sunfarms anticipates it will begin planting in the newly approved facility as early as September.

During the period ending March 31, cannabis-related sales of $17 million were slightly less than half of the $35 million Village Farms brought in from produce. It did incur a net loss of over $7 million, but its adjusted EBITDA was slightly above breakeven. However, its Pure Sunfarms greenhouse has been remarkably consistent with profits (on an adjusted EBITDA basis) over 10 straight periods.

There are some exciting times ahead for Village Farms, as the business is still scratching the surface in terms of potential for the Canadian pot market. It was only in August 2020 that Pure Sunfarms began shipping vapes and other products related to the cannabis 2.0 segment. Canada legalized the segment, which includes edibles and beverages, in 2019, one year after dried flower products were legalized in the country. The potential there may be significant, as an analyst from ATB projects that revenue from cannabis 2.0 products could account for half of the entire Canadian pot market by 2025.

And with greater production capacity, there will be potential for its operations to be even more efficient, leading to even greater profitability. Combine that with a broader product base and you have a recipe for some stronger numbers ahead for the business.

Village Farm is a solid cannabis investment that could double your money (again).