Canopy Growth Corp (TSX:WEED) has finally seen the volatility subside, and many growth investors may be wondering if now is an opportunity to get into the stock before the next upward surge. Many pundits believe that investing in marijuana is just too risky at current levels.

Although Canopy is a very well-run business, the hype surrounding the industry is just too much, and many fear that the stock may just be a bubble that is waiting to pop. But there is one group of analysts that believe Canopy is actually undervalued.

Still a massive amount of upside for Canopy?

M Partners analyst Mason Brown believes there is still a gigantic upside remaining for shares of Canopy. Brown states that the latest Mettrum acquisition opens new doors for the company. He also stated that the Canadian marijuana legalization experience will be a ?rollercoaster ride? for the stock and that ?a few Canadian marijuana stocks are poised to reap the lion?s share of the benefit.?

There?s no question that marijuana stocks like Canopy will soon re-experience the ridiculous amount of volatility that it saw in the latter part of 2016. Mason Brown claims Canopy will be one of the biggest beneficiaries of the legalization of marijuana, and I believe that?s a given considering the terrific management team that has done everything to better position itself as an industry leader.

What would Warren Buffett do?

Would Warren Buffett consider owning shares of Canopy? Of course not. He doesn?t chase the hottest stocks on the market, and he?s not a fan of companies that he doesn?t understand. You can?t even value Canopy based on traditional valuation metrics because the company?s growth potential is astronomical if everything goes as planned.

Has Warren Buffett missed out on huge opportunities in his lifetime? Yes, he has on multiple occasions. But he sticks with what he knows, and he?s comfortable giving up potential gains if he doesn?t truly understand a business or how to value it.

Does that mean you should also avoid Canopy?

It depends on your comfort level. It?s nearly impossible to determine a valuation at current levels. There are a lot of unknowns involved with an investment in Canopy right now. I believe the volatility will return later this year, and the stock could soar or crash depending on the headlines that are released.

Is Canopy severely undervalued? It?s impossible to say right now, but there?s a very good chance that the stock could double again from current levels.

I would say Canopy is an interesting speculative buy if you?ve got disposable income to risk, but only if you?re comfortable with a stomach-churning amount of volatility.

Stay smart. Stay hungry. Stay Foolish.

Canada's answer to Amazon.com

You've probably never even heard of this up-and-coming e-commerce powerhouse headquartered in Eastern Ontario...

But, despite coming public just last year, it's already helping the likes of Budweiser... Tesla... Subway... and Red Bull move $9.9 BILLION (and counting) worth of goods online each year.

And now it's caught the eye of the legendary investor who got behind Amazon.com in 1997 -- just before it shot up over 23,000% and made investors like you and me rich beyond their wildest dreams.

Click here to discover why this investor says it's time to buy.

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Fool contributor Joey Frenette has no position in any stocks mentioned.

Canada's answer to Amazon.com

You've probably never even heard of this up-and-coming e-commerce powerhouse headquartered in Eastern Ontario...

But, despite coming public just last year, it's already helping the likes of Budweiser... Tesla... Subway... and Red Bull move $9.9 BILLION (and counting) worth of goods online each year.

And now it's caught the eye of the legendary investor who got behind Amazon.com in 1997 -- just before it shot up over 23,000% and made investors like you and me rich beyond their wildest dreams.

Click here to discover why this investor says it's time to buy.

Fool contributor Joey Frenette has no position in any stocks mentioned.