Cannabis is a huge opportunity for investors.

Cowen & Co. estimates the international cannabis market is a $31 billion opportunity for producers and investors. While investors watch and wait for potential federal marijuana legalization in the U.S., Canada legalized recreational marijuana use nationwide in 2018. In the past year and a half, a parade of Canadian cannabis producers have listed on major U.S. exchanges for the first time. Most of these companies are investing aggressively in growing their businesses and securing high-profile partnerships. Here are nine of the best marijuana stocks to buy that will dominate the Canada cannabis market in the long term, according to Cowen.

Aurora Cannabis (ticker: ACB)

Cowen analyst Vivien Azer says Aurora is a leader in the global cannabis market outside of Canada, including in Germany. Up to this point, the company’s international growth has been limited by supply constraints, a phenomenon which is likely to continue for at least a few more years. Aurora’s current annual cannabis production capacity is about 150,000 kilograms, the largest of any Canadian company. Cowen projects that capacity will eventually expand to 625,000 kg. Cowen has an “outperform” rating and a price target of 15 Canadian dollars ($11.09) for ACB stock.

Canopy Growth Corp. (CGC)

Canopy operates in 15 countries and owns popular marijuana brands like Tweed, LBS and DNA Certified. In addition to its core cannabis business, Canopy is preparing to launch a number of new beverage, vapor and edible products. The company says beverages could eventually grow to represent a fourth of its overall cannabis market. Canopy currently has an annual production capacity of about 100,000 kg, but Cowen projects that will quadruple to 400,000 kg in coming years. Cowen has an “outperform” rating and CA$82 ($60.65) price target for CGC stock.

Aphria (APHA)

Aphria is unique among cannabis stocks because of the company’s commitment to generating positive earnings and creating value for investors. Unfortunately, the stock has taken a hit in recent months following fraud accusations by short sellers. An independent review into the situation concluded Aphria did not overpay for the acquisition of its Latin American business, but several Aphria directors had conflicts of interest associated with the deal. Aphria’s current annual production capacity is 115,000 kg. Cowen projects that capacity will grow to 255,000 kg.

CannTrust Holdings (CTST)

CannTrust Holdings reported a surprise profit in the first quarter despite ongoing supply chain issues in the Canadian market. Revenue was up 115% from a year ago and sales growth will continue as the company expands its production. The company purchased 81 acres in British Columbia in the first quarter as part of its long-term goal of acquiring up to 200 acres of land for outdoor planting. CannTrust’s current annual production capacity is 50,000 kg, but Cowen projects it will grow to 250,000 kg in time.

Green Organic Dutchman (TGODF)

Green Organic Dutchman is a premium cannabis company focused on the medical markets in Canada, Europe and the Caribbean. In addition to cannabis, the company also has an organic hemp cannabidiol oil business as well. Green Organic Dutchman has already secured recreational cannabis supply deals with both Ontario and British Columbia and plans to launch its Canadian recreational cannabis business later this year. Green Organic Dutchman’s current annual production capacity is just 2,000 kg, but Cowen projects it will ultimately grow by more than 1,000% to 219,000 kg. TGODF trades in over-the-counter markets.

Emerald Health Therapeutics (EMHTF)

Emerald Health Therapeutics has supply deals with British Columbia, Alberta, Saskatchewan, Ontario and Quebec and plans to have its nationwide business up and running by the end of summer. Emerald also has a deal with Canadian nutritional supplement producer Factors R&D Technology to develop a line of CBD nutritional products and non-cannabis health products. The endocannabinoid product line is expected to launch in grocery, pharmacy and natural health stores in mid-2019. Emerald’s current annual production capacity is 51,000 kg, but Cowen projects it will grow to 163,000 kg. EMHTF stock trades in over-the-counter markets.

Tilray (TLRY)

Tilray has established an international presence in 13 different countries. The company also licenses U.S. cannabis brands like Marley Natural, Irisa and Goodship in Canada via its partnership with Privateer. In addition, Tilray has a major agreement with alcohol beverage maker Anheuser Busch Inbev (BUD). The research and development deal is currently restricted to Canada, but management expects the deal will eventually be expanded globally. Tilray’s current annual production capacity is 63,000 kg, but Cowen projects it will grow to 163,000 kg. Cowen has an “outperform” rating and $150 price target for TLRY stock.

Aleafia Health (ALEAF)

Aleafia Health is a cannabis health and wellness company with three major cultivation facilities and a portfolio of high-margin derivative products, such as oils, capsules and sprays. In March, Aleafia acquired Emblem and the combined company now owns 40 medical clinics that service 60,000 patients that could serve as loyal Aleafia customers in time. On May 6, Aleafia announced a joint venture to expand its medical marijuana business in Germany. Aleafia’s current annual production capacity is just 6,000 kg, but Cowen projects it will grow to 138,000 kg. ALEAF stock trades in over-the-counter markets.

Cronos Group (CRON)

Azer says Cronos is taking a differentiated, science-based approach to cannabis. The company is using the Canadian market to test different combinations of cannabinoids and terpenes to develop unique products ahead of a potential global rollout. Cronos doesn’t have the production capacity of some of its larger peers, but it can partner with agricultural operators and provide genetic product blueprints. Cronos’ current annual production capacity is 40,000 kg, but Cowen projects it will grow to 117,000 kg. Cowen has a “market perform” rating and CA$21 ($15.53) price target for CRON stock.