Aurora Cannabis Inc.(TSX:ACB) (NYSE:ACB) is one of the Canadian cannabis stocks and is the second-largest Canadian cultivator by market cap. ACB is vertically integrated and horizontally diversified across various segments of the cannabis value chain. In an article published on May 24, 2019, we discussed how Aurora Cannabis has a medical cannabis market edge.

It finally happened: Canopy Growth Corp (TSX:WEED)(NYSE:CGC), the largest cannabis company by market cap, released its quarterly earnings. The much anticipated results weren’t very impressive, however. Let’s see why the investing world largely yawned at the pot company’s latest financial results.

Revenues keep soaring

To be clear, Canopy remains the leader in the Canadian cannabis market. The firm still holds the largest market share, beating all of its competitors in terms of net revenues. During the last quarter, Canopy’s net revenues were $94.1 million (narrowly edging consensus estimates), a 300% year-over-year increase and a 13% increase quarter over quarter. Naturally, most of Canopy’s revenues (about 73%) came from the recreational market.

By now, it's become no secret that legal marijuana offers a potentially once-in-a-generation growth opportunity for investors. After global cannabis sales nearly hit $11 billion in 2018, according to the newest "State of the Legal Cannabis Markets" report from Arcview Market Research and BDS Analytics, they're expected to soar to north of $40 billion by 2024, representing a compound annual growth rate of almost 25%.

If these various growth forecasts prove accurate and we do see relatively steady double-digit growth rates worldwide in the pot industry over the next 5 to 10 years, there's little doubt that a number of marijuana stocks will come out as winners.

Canopy Growth testing outdoor cultivation with Northern Saskatchewan pilot program

The biggest of Canada’s booming pot growers, Canopy Growth Corp, has further to go on a string of acquisitions that has seen it suck up at least 12 smaller firms in a year, but it is done buying other producers, Chief Executive Officer Bruce Linton said.

Powered by a deal with Corona-maker Constellation Brands Inc that has left it with US$4.5 billion to invest, Canopy is in pole position to cash in on Canada’s legalization of marijuana for recreational use as well as expectations that the United States may follow.

Canada’s leading cannabis cultivator Canopy Growth (TSX:WEED)(NYSE:CGC) disappointed the market, recently reporting worse-than-expected results for the fiscal fourth quarter. Its stock has fallen sharply in recent days to be down by 13% over the last three months. It is worth noting that even after this sharp decline, Canopy is still up by 41% since the start of 2019. While there is growing pessimism surrounding cannabis stocks, which has seen many dragged down in the wake of Canopy’s poor results, investors should not be deterred from investing in Canada’s largest legal cannabis cultivator.

Things are changing again in the cannabis industry after HEXO (TSX:HEXO)reported the third-quarter fiscal 2019 earnings report ending April 30, 2019, on June 12. Investors reacted negatively to the financial results, as they expected something better. As a result, HEXO’s wings were clipped, and the stock fell sharply by 8.44% to $7.81.

Cryptocurrencies have been among the best-performing asset classes over the past year, with returns on Bitcoin (BTC), the world’s leading cryptocurrency, outpacing even those of Horizon’s Life Sciences Marijuana ETF.

But while BTC and cryptos have certainly been hot to start 2019, here are three reasons why cannabis stocks still stack up as the superior investment opportunity — at least in theory.

Cannabis is a tangible good

The cannabis plant and its associated by-products, including capsules, gels, oils, and creams are real, tangible things. That means you can hold them, touch them, and feel them.

Aurora Cannabis (NYSE:ACB) has captured investors' imaginations. Due in part to its aggressive acquisition strategy, the Canadian marijuana company has placed itself on track to become the largest producer in the world -- at a time when the global cannabis market is enjoying explosive growth. In turn, Aurora's stock is up more than 1,800% in the past three years, earning fortunes for its shareholders along the way.

If you'd like to learn more about Aurora Cannabis, the following five charts can help you quickly get up to speed on the core aspects of its business.

If you're looking to buy a marijuana stock, Aphria (NYSE: APHA) and Canopy Growth(NYSE: CGC) should probably be on your list for consideration. They're two of the largest Canadian cannabis producers in terms of production capacity. Both Aphria and Canopy Growth are well positioned in the Canadian adult-use recreational marijuana market and in international medical cannabis markets.

Canopy Growth has been the bigger winner so far this year, with its shares jumping 50% while Aphria has delivered a year-to-date gain of 18%. But which stock is the better pick now?