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Jim Cramer's stock calls: GW Pharma, ConAgra Foods

CNBC's Jim Cramer on Wednesday gave his call on two stocks: GW Pharmaceuticals and ConAgra Foods.

To start, Cramer flagged drug-maker GW Pharmaceuticals, which saw shares spike after it recently announced plans to sell 1.7 million shares in a secondary offering. He thinks investors should take advantage of the secondary, and buy the stock.

"This is the only really legitimate marijuana stock out there. It's a British company. It's doing very well," Cramer said on "Squawk on the Street."

The biopharmaceutical company grows cannabis under license at a secret location in Britain to make an array of experimental cannabis drugs.

CNBC's Jim Cramer.
Adam Jeffery | CNBC
CNBC's Jim Cramer.

Cramer recommended investors stay away from ConAgra Foods right now, though.

The food company reported a "horrible quarter," including poor performance of private brands and a drop in consumer volume, putting a bad taste in Cramer's mouth. Chef Boyardee, one of its flagship canned food products, did particularly poorly, Cramer said.

Read MorePrivate brands business hurts ConAgra's profit

"A lot of what's canned isn't selling well. People don't like canned anymore," he noted.

—By CNBC's Drew Sandholm

DISCLOSURE: When this story was published, Cramer's charitable trust did not own shares of GW Pharmaceuticals or ConAgra Foods.

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