Perhaps it's no coincidence that cannabis is green, because the green rush has generally treated investors well. Those folks with the foresight, and luck, to have invested in some of the pot industry's best-known names are potentially up well over 1,000% in less than four years.

When one of the world’s largest convenience store chains makes an investment in a company, you’d better pay attention.

That is exactly what Couche-Tard(TSX:ATD.B) has done with a $26 million investment in the independent cannabis retailer Fire & Flower(TSX:FAF).

Almost a year ago, cannabis firm Tilray (NASDAQ: TLRY) went public to much fanfare. Within just around 50 days of trading, the stock had propelled almost 800% as investors rushed in to take advantage of the possibilities weed legalization would offer.

The mad rush towards cannabis stocks seems to have ended a year since then, with the industry more stabilized today. Thanks to the rising competition and the better understanding on the challenges facing the industry, marijuana investors have become more choosy and performance-driven. 

The Green Organic Dutchman Holdings (OTC: TGODF) reported second-quarter results on Aug. 13.

The Canada-based cannabis company's revenue rose 20% sequentially to 2.9 million Canadian dollars. Most of its sales were generated by its European operations, as the company just recently launched its Grower's Circle -- a small test of its medical marijuana distribution capabilities in Canada.

Additionally, The Green Organic Dutchman said that the construction of its Hamilton cultivation site was nearly finished.

Among marijuana stocks, very few have achieved profitability. But sooner or later, every company needs to reach that milestone.

That sounds obvious, like “Business 101.” In fact, it’s one of the most basic requirements for a stock to trade on the “Big Board,” the New York Stock Exchange (NYSE)… and also for the Nasdaq, for that matter.

And yet, in the cannabis industry, Charlotte’s Web (OTCMKTS:CWBHF) is one of the few that can deliver positive earnings! That’s just one reason I want to put it on your radar today.

Charlotte’s Web was one of the original hemp-cannabidiol (CBD) companies, and perhaps the biggest success story of Colorado’s legal cannabis boom.

Canopy Growth and Aurora Cannabis (TSX:ACB) are two major players in the weed industry with a market cap of $23 billion and $12 billion, respectively. The companies have retained those positions for several months, despite uncertainty in the sector.

After Canopy Growth and Aurora Cannabis, Aphria (TSX:APHA) comes in lower with a modest $2 billion valuation. While Aphria might not have the kind of pull to overtake Canopy Growth for the top spot in the near future, a turn of events might present the company with the opportunity to overtake Aurora Cannabis for second position.

While there are a number of high-growth industries for investors to choose from, it's the "green rush" of marijuana that continues to attract the bulk of the attention on Wall Street. With double-digit growth potential per year over the next decade and some Wall Street firms calling for as much as $200 billion in annual worldwide sales, it's easy to see how cannabis could be the leading growth industry in the years to come.

Not long ago, Aurora Cannabis (NYSE:ACB) ranked as the darling of Wall Street analysts. But analysts can be quite fickle. Bank of America Merrill Lynch's Christopher Carey downgraded Aurora from buy to neutral in July. Now another top analyst has expressed a lack of confidence in Aurora's prospects.

Earlier this week, Piper Jaffray initiated coverage on Aurora with a neutral rating. However, the investment firm hasn't given up on the cannabis sector. Although Piper Jaffray doesn't recommend buying Aurora Cannabis, there are five pot stocks the firm does like right now.

Biome Grow Inc. (“Biome” or the “Company”) (CSE:BIO) (6OTA.F) (OTCQB: BIOIF) is pleased to announce that it has been licensed for the retail sale of cannabis in the province of Manitoba. This announcement comes on the back of recent approvals allowing Biome to distribute cannabis products in Saskatchewan and New Brunswick.

With this announcement, Biome is licensed to distribute cannabis in five provinces: Newfoundland and Labrador, Nova Scotia, Saskatchewan, New Brunswick and now Manitoba. Select strains of dried flower and pre-rolls will be supplied to private retailers all across Manitoba from Highland Grow, Biome’s wholly-owned cultivation facility in Antigonish, Nova Scotia.

There's no way to possibly buy every pot stock on the market; there are just too many of them to choose from. Therefore, you'll need to narrow your focus, and Canada is truly the epicenter of activity when it comes to legalized cannabis. While everyone else is focusing on well-known brands like Canopy Growth (NYSE: CGC ) and Aurora Cannabis  (NYSE: ACB ), I believe that Hexo  (NYSE: HEXO ) stock is a terrific way to build a position in Canadian cannabis.