"Cannabis is just getting started and there's going to be a lot of companies getting ready to take advantage of this massive growth cycle, government reform, news states, opening new opportunities and one day, interstate commerce." That's according to Benzinga's cannabis stock expert, Michael Berger, who is on a mission to uncover the most promising marijuana stocks poised for growth, even in a dull market.

But these days, the cannabis market is anything but dull. The Drug Enforcement Administration's (DEA) historic decision to align its stance with a recommendation from the Department of Health and Human Services and move marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA), left cannabis stocks soaring on Tuesday.

The 19th Benzinga Cannabis Capital Conference is returning to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

See also: How To Make Your Cannabis Business More Attractive For Investors In 2024: Advice On Financial Health & Innovation

Capitalizing On Volatile Opportunity

Berger who is behind Benzinga PotProfits and focuses on helping investors and traders navigate cannabis market highs and lows was genuinely surprised to see a limited interest in trading cannabis stocks among the crowd gathered at gathered at the Benzinga Cannabis Capital Conference in Florida in April.

Benzinga's Javier Hasse said the reason is probably a fear of losing hard-earned money by investing in a volatile opportunity.

But now, with regulation come out at the federal level, many can capitalize.

"The opportunity to capitalize on cannabis is now," Berger said. "We help you now navigate these choppy waters, we help you find the alpha and we want to make sure that you're able to capitalize on this."

Berger recommended not the be "overexposed" in such a volatile market as cannabis. Instead, he proposes putting "25 of your plant and investment in there and watch out goes."

"That's the strategy we take with the mock portfolio, we make sure that we have, we have powder on the sidelines," Berger explained. "We are ready to capitalize on these swing trades. And if a stock tanks, we're able to buy the dip."

He prefers the U.S. cannabis stocks over Canadian, highlighting Green Thumb Industries Inc. (OTC:GTBIF), Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) and Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF).

"We're focusing on plays that have that global reach, global opportunity and companies that actually have something called free cash flow," Berger said adding other financial metrics to watch out for are net income and adjusted EBITDA.

Now read: EXCLUSIVE: Focus On Selling Numbers, Not Dreams, That's What Makes Cannabis A Good Investment