Canopy Growth (CGC - Get Report) could add some heat to your portfolio. 

Canopy Growth is the #1 cannabis stock in Canada. And Canada is the #1 country in the movement to legalize cannabis. That makes Canopy a must own for every investor who is serious about the sector. You can think of Canopy as "the blue chip of pot stocks" — in a world filled with penny stocks.

Canopy is a licensed cannabis producer in Canada. That basically means the company has received licenses from Health Canada that allow it to grow, produce and sell cannabis to medical patients.

The company currently has 70,000 medical marijuana patients. In the most recent quarter, Canopy sold 2,020 kg of cannabis. Second quarter revenues came in at C$17.6 million. That was a 107% increase from the year-ago quarter. Canopy produces cannabis at a cost of C$1.25 per gram. That compares quite favorably with the average sales price of $7.99 per gram.

On October 17, Canada plans to roll-out nationwide sales of cannabis for recreational use. That means anyone over the age of 18 or 19 to purchase and use cannabis. Individual provinces set the rules, so age requirements are different in various parts of the country. The roll-out will likely unleash a new sales stream for Canopy and the entire and the entire cannabis industry. 

Today, Canopy operates with eight licenses. And the company currently operates seven facilities with 665,000 square feet of greenhouses producing cannabis. But that's really just the start -- Canopy has plans for an additional five million square feet of greenhouse space for growing cannabis.

The company is truly a global player. It's launched subsidiaries or partnerships in countries including Australia, Brazil, Chile, Denmark, Germany, Jamaica and Spain.

The company's rapid growth — and global plans — caught the attention of one Fortune 500 company. Constellation Brands (STZ - Get Report) , a leading alcohol company, invested C$245 million to acquire a 9.9% equity stake in Canopy in 2017. The investment took place at just under C$13 per share.

The two companies also entered a partnership to develop cannabis infused drinks. Constellation appears interested in hedging its bets by investing in cannabis.

The Bottom Line 

Most folks will sit on the sidelines with the stock. Some will dabble in tiny penny cannabis stocks with a story and a dream. But those who believe in the sector's growth potential should consider loading up on Canopy Growth. It's the biggest and most dominant player.

These shares won't hand you 500% or 1,000% profits in the next year. But the stock could easily double in the next 12-months. My target price for Canopy Growth is $60 a share. Don't wait for Oct. 17. Now's the time to get invested in Canopy Growth.

By: Ian Wyatt, editor of Million Dollar Portfolio. Via MoneyShow.