Let's face it: Federal marijuana decriminalization, which will entirely change the landscape of legal marijuana very much for the better, almost certainly isn't happening in the near future. 

That doesn't mean there aren't intriguing and handsomely valued pot stocks out there to buy, however. In this Motley Fool Live video clip recorded on July 16, longtime Fool contributor Eric Volkman and Fool.com healthcare and cannabis Bureau Chief Corinne Cardina identify three attractive ones that investors can snap up right now in advance of brighter days for the industry.

Corinne Cardina: What are a couple of takeaways for cannabis investors right now, maybe one or two.

Eric Volkman: Don't expect federal legislation. Republicans are staunchly opposed to it as they are pretty much everything coming across the aisle, so don't expect the federal cavalry to come to the rescue.

Mexico essentially just legalized in a strange way through their Supreme Court. It's not going to change landscape much because there's really no official retail segment there as yet. No American company has indicated that they're going to jump into it. Rather, we can look at that as potentially affecting other countries that might be on the bubble. Maybe it will push them along into legalization and we'd get, hopefully in the best-case scenario, a domino effect of legalization around the world.

The last thing I'd say is retailers are hot now for good reason -- because they're the ones that are growing. Some of the names are kind of oversold. I think I'd maybe ignore Curaleaf for now. But like I mentioned in your previous question, [companies] like Columbia Care, Jushi Holdings is another up-and-comer that's a little bit under the radar. Ayr Wellness, too, I think is worth taking a look at.

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.