While it is possible to double an investment within a short period -- say, a year -- it's not an easy thing to do. Also, companies capable of rising that much within just 12 months tend to be risky, which means it is essential for investors to proceed with caution when investing in them.

With that in mind, let's look at two stocks that could more than double in the next year if we go by price targets set forth by Wall Street analysts: Planet 13 Holdings (PLNH -1.34%) and Curaleaf Holdings (CURLF -0.17%). Both stocks have significantly lagged the broader market of late, but there could be better days ahead.

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Planet 13 Holdings: Implied upside of 180%

Planet 13 Holdings produces and sells various cannabis products. Headquartered in Las Vegas, the company chose to differentiate itself from the intense competition in the industry with its superstore strategy. Planet 13 Holdings owns a cannabis superstore in the heart of the Las Vegas strip -- a prime destination for visitors and tourists -- where it offers customers the opportunity to witness its entire production process, engage in various activities, and grab a bite to eat.

This approach has had some success. Planet 13 Holdings holds a decent market share in the cannabis market of Nevada of between 8% and 10%, and the company hopes to maintain this slice of the pie as cannabis sales continue to grow in the state. Last year, the company took its talents to California and opened another superstore in Orange County -- another great place to visit that features famous amusement parks, among other things.

Planet 13 Holdings expects this new superstore to become the largest dispensary complex in the sunshine state once fully built. The company's ambitions don't stop there. It plans on opening superstores in many other locations. Its targets include New York, Washington, D.C., Miami, and more.

Person weighing cannabis flower inside a cannabis store.

Image source: Getty Images.

While the pandemic harmed foot traffic in Planet 13 Holdings' facilities, the company's top line has been able to rebound nicely. It recorded about $33 million in revenue in the third quarter, 44.5% higher than the year-ago period. However, Planet 13 isn't consistently profitable. The company's net loss for the quarter came in at $8.4 million, compared to the net income of $360.9 thousand reported during the prior-year quarter.

The red ink on the bottom line is one reason why Planet 13 Holdings looks a bit on the risky side. To be clear, many cannabis companies aren't consistently profitable. Even though Planet 13 Holdings has a business model that is different from that of its competitors, unless it can continue to execute and grow its top line rapidly, losses may accumulate. And in today's market, the company will be punished for that.

Still, after dropping substantially in the past year along with the rest of the cannabis sector, Planet 13 Holdings looks more attractive. Its shares are currently changing hands for a mere $3 apiece, compared to a one-year average price target of $8.41, according to Yahoo! Finance. In my view, Planet 13 Holdings will have a difficult time hitting this target within a year, given how volatile the cannabis industry is.

But even if it doesn't reach this goal, this is one cannabis stock worth serious consideration

2. Curaleaf Holdings: Implied upside of 150%

Curaleaf Holdings is another cannabis company with an impressive presence in the U.S. The company operates in 23 states and boasts at least 111 retail locations. The company also boasts operations in other countries, including the United Kingdom and Germany.

Curaleaf Holdings' strategy to expand its reach as far and wide as possible has its strengths and weaknesses. Starting with the latter, the company risks spreading its resources thin and incurring significant operational expenses, which would harm the bottom line.

On the bright side, though, the company has access to a massive market. It estimates that its addressable population is 400 million people. The cannabis industry will expand at a compound annual growth rate of 14% through 2026, reaching $47 billion by then.

If Curaleaf Holdings can grab a small slice of this pie, it will work wonders for its revenue in the coming years and perhaps help it become consistently profitable. Curaleaf Holdings' top line is already increasing at an impressive clip.

Hand holding cannabis leaf with the sun in the background.

Image source: Getty Images.

In Q3, the company recorded $317.1 million in revenue, which soared by about 74% compared to the year-ago period. However, Curaleaf Holdings' net loss of $56.9 million was also significantly worse than the net loss of $9.3 million reported during Q3 of 2020.

Meanwhile, Curaleaf Holdings continued to push forward with its plan to expand its reach and its retail presence by opening new locations. The company inaugurated two new dispensaries during Q3.

These new locations will bring in additional revenue for Curaleaf Holdings, but the market could also severely punish Curaleaf Holdings unless it can start turning in consistent profits. With one of the largest footprints among all multistate operators in the U.S., though, the company seems well-positioned to benefit from the growing cannabis market.

Curaleaf Holdings' average price target of $18.93 also seems out of range for the next year, in my view. The company's current share price is $7.58, as of this writing. But for patient investors, Curaleaf Holdings could end up being an excellent pick, especially after dropping like a rock in the past 12 months.