Marijuana isn't just another growth industry. It has the potential to be a once-in-a-generation growth opportunity for patient investors who have a keen eye for this fast-paced industry. Between 2018 and 2030, various Wall Street firms have called for a fourfold to sixfold increase in global sales, which should be more than enough to create some big-time winners in this space.

Finding undervalued stocks can be one of the best ways to turn a small investment into huge gains. Many stocks have been getting hammered over the past month, and this has created several buying opportunities for those who are willing to find them.

When it comes to pot stocks, things are no different. There are dozens of cannabis stocks trading under a dollar and many are not worth investing in at this point, but here are three stocks that could be undervalued at their current prices.

Dive Brief:

• Canada will allow some cannabis-infused products — edibles, beverages, topicals and extracts — to be sold in stores in December, according to the Associated Press. Health Canada issued regulatory details June 14, including packaging and labeling requirements. These will take effect Oct. 17, the CBC reported. Canada legalized recreational marijuana nationwide last October.

An alliance of large marijuana businesses has a message for the public: We’re good corporate citizens.

The 45-member Global Cannabis Partnership that includes Canopy Growth Corp. and other major companies issued guidelines Tuesday aimed at minimizing greenhouse gas emissions and promoting ethical conduct and responsible pot use.

Executive Director Kim Wilson says the emerging legal industry is “in a unique position to set a new bar for socially responsible practices.”

As the once-illegal marijuana economy evolves into a multibillion-dollar industry, the guidelines appear aimed at assuring consumers that those companies are operating with their interests in mind, not just focused on the corporate bottom line.

Today we have discovered four Canadian marijuana stocks that have entered into an exclusive agreement with PAX Labs Inc. PAX Labs, a cannabis vaporizer company that offers quality, control and predictability with its pen-and pod system, announced its exclusive partnership with four Canadian cannabis producers on June 7, 2019.

PAX has sold more than 500,000 Era devices for oil concentrations and more than one million devices in the flower vaporizer category globally. With the agreement, Organigram, Aphria, Aurora Cannabis, and The Supreme Cannabis Company should be able to offer products from their various brands in pods compatible with the PAX Era device. PAX Era will be available in Canada later in 2019.

The cannabis industry is in the midst of a period of unprecedented innovation. Cannabis is becoming a legal consumer product in a growing number of jurisdictions at the same time as innovators are making major breakthroughs in business and agricultural technology.

As a result, we’re seeing the development of cutting edge tech to make cannabis production more efficient, more affordable and more productive.

A prime example of technological innovation disrupting the cannabis industry is the emergence of AI for smart cultivation and production.

Food and lifestyles guru Martha Stewart says the recipe for success she has followed throughout her career also applies to cannabis companies -- offer quality products at fair prices.

"My approach has always been make the best product at the best price and distribute it as widely as possible. That's why when I started my business ... I started at Kmart, that old, wonderful store," Stewart told about 650 cannabis industry leaders Tuesday at the World Cannabis Congress in Saint John, N.B.

"I think it's always about the best for the fairest price. There is a fair price for everything."

In February, Stewart joined Ontario-based Canopy Growth Corp. in an advisory role to help develop a new line of products.

As cannabis legalization spreads across the globe, another mind-altering drug is trying to follow in its tracks: magic mushrooms.

Denver voted in May to decriminalize the fungus that contains psilocybin, a psychedelic compound popularized by ’60s counterculture. Oakland, California followed Denver’s lead a few weeks later and Oregon is trying to get a similar measure on the ballot for 2020.

These past few months have been a rough ride for Aphria (TSX:APHA)(NYSE:APHA) investors. After reaching a peak closing price of $14.21 in February, the stock began sliding later that month, with the downtrend accelerating in April. By May 17, the stock was trading at just $9.19 — a 35% decline from its peak price.

Medical cannabis legalization has been sweeping throughout countries worldwide as many look for alternatives to traditionally prescribed treatments and medications. Before the modern era, cannabis was a popular herbal medicinal treatment in Chinese, Indian, Egyptian, and Islamic cultures. However, under international regulations, cannabis was deemed illegal nearly a century ago because of the psychoactive properties stemming from the marijuana derivative of the plant. However, despite regulatory laws, many countries have since decided to move forward and legalize medical cannabis due to its therapeutic benefits. Countries such as Australia, Canada, Chile, Czech Republic, Germany, Italy, Mexico, the U.K, and parts of the U.S. have all adopted medicinal cannabis legislation.