The first quarter and beyond saw marijuana stocks rocked off of the high perch they reached near the end of last year. Price run-ups, likely caused by the synchronized excitement of legalization efforts between California and Canada kept pot stock investors giddily wondering to what heights the sector would reach.

Then came the correction, leading most cannabis stock investors to hope for the bottom to flatten out while sending the FOMO crows heading for the hills. Panicked investors sent the whole sector on a downward trend. But several weed stocks remain undervalued and remain prime targets for those investors willing to let things play out long-term. Here are the most undervalued cannabis stocks of 2018:

MPX Bioceutical Corporation

The recent acquisition of Licensed Producer Canveda Inc. by MPX Bioceutical Corporation(CSE:MPX) (MPXEF) has at least one analyst maintaining a bullish outlook on the company. Capable of producing nearly 1200 kg of cannabis flower annually, the addition of Canveda to the MPX roster gives the Ontario-based pot stock a diversified cross-border portfolio of holdings.

“We have always considered a Canadian presence to be a critical component of our business strategy,” MPX CEO Scott Boyes said in a statement. “While we have never intended to build out the massive cultivation facilities being constructed by some of the other Canadian licensed producers, we will be focusing on utilizing the advanced extraction and distillation processes developed by our U.S. operations to produce and market the MPX-branded, award-winning concentrates in Canada.”

Trading around $0.80 per share, Echelon predicts a one-year target price of $1.40 on MPX while maintaining a “Speculative Buy” rating for the company. And while Echelon analysts see this cannabis stock generating an EBITDA of negative $2.9-million on revenue of $20.2-million for the current year, they also predict those numbers to rise significantly in the future, making MPX one of the most undervalued pot stocks of 2018.

Hydropothecary Corporation

Quebec’s Hydropothecary Corporation (TSXV:THCX) hopes to boost production from 3,600 kg cannabis to 108,000 kg by the end of 2018, giving some analysts reason to believe this Canadian weed stock is among the country’s most undervalued. The company is one of six under an agreement with Quebec to provide cannabis to the province once legalization becomes official.

“Predictable revenue streams from the recreational and medical markets, a debt-free balance sheet, two fully-funded expansion projects, and additional liquidity for corporate purposes, provide strong business certainty through Year 1 post-legalization and beyond. Without a doubt, this achievement is the most important milestone to date in our company’s history,’’ said Sébastien St-Louis, CEO, and co-founder, in a recent statement.

Echelon Wealth puts a target price of $5.50 on Hydropothecary while reiterating their “Speculative Buy” rating on the company. Moreover, they see an adjusted EBITDA of $10.3 million and negative $12.0 million for the current, with those numbers rising to $97.1 million and $15.1 million in 2019.

Canopy Growth Corporation

Recently Canopy Growth Corporation (TSX:WEED) announced a deal with the Yukon Liquor Corporation to supply 900 kg of cannabis to the region over the next three years, the company’s fifth such agreement in the pre-legalization age. Moreover, after visiting the company’s Aldergrove and Delta facilities recently, which together expect to produce 150 tonnes of product, GMP Securities declared this pot stock undervalued, giving the company a one-year target price of $40 with a “Buy Rating.”

“Our visit of BC Tweed provides visibility on the company’s largest expansion project,” GMP Securities noted recently. “What we have seen is reassuring as the company seems to be on target to have full production for both locations this summer. This provides visibility on our production forecasts and hence to a certain extent, our sales forecasts. Overall we come back from the site visit impressed by the ability of the team to rapidly convert and scale-up production.”

Furthermore, the analysts consider Canopy’s calendar year 2019 EBITDA unjustified, calling this an excellent time for marijuana stock investors to buy into the sector’s leading cannabis company.