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.
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.
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"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.