Want To Invest In Marijuana? Look To Canada

April 20 of each year marks a celebration for marijuana enthusiasts, despite the herb still being illegal in most of the country.

For investors, what this means is until marijuana becomes legalized at the federal level, you'll be hard pressed to find many pot stocks trading in New York.

However, for those wishing to imbibe via the market, Benzinga's PreMarket Prep offered a few suggestions to entice the senses.

PreMarket Prep hosts Joel Elconin and Dennis Dick spoke with Alan Brochstein "The 420 Investor," discussing ways to invest in marijuana.

"I really want to bang the table, pound the table on Canada," Brochstein stated at the conclusion of the show. "My subscribers have really benefited from following the Canadian cannabis stocks and investing in them."

"There's several big companies there. They've all been able to access capital. It's federally legal on a medicinal basis, but in the next couple of years, it's likely to be federally legal for anybody over 19. It's a great market."

Related Link: Marijuana Legalization Could Hurt ISIS And The Mafia, May End California Drought

He went on to highlight Canopy Growth Corp CGC, Organigram Holdings Inc OGI and Aphria Inc APH as strong performers.

However, Brochstein warned that not just any Canadian stock related to marijuana are equal. When asked about Vodis Pharmaceuticals Inc VP VDQSF, which trades on the CSE exchange in Canada, 420 Investor stated, "I follow Canada very closely. The real companies there— I don't want to say Vodis isn't real— but the ones with the licenses in Canada, they're not even coming into the United States."

"It's federally illegal in the United States. They don't want to take that risk. So, I wonder on a company like Vodis why they think that's prudent when these other companies that have won licenses in Canada […] they refuse to come in the United States. So, I really question that one."

PreMarket Prep is Benzinga's morning show for traders and investors. It airs live with live chat feature here from 8–9:30 a.m. ET, and is posted as a podcast here.