CNBC's Jim Cramer said Wednesday that the parent company of Wrangler and Lee jeans is a stock that investors should like because it's not a growth stock.

The "Mad Money" host said Kontoor Brands, which also owns Rock & Republic jeans, is a dividend stock that sports a "magnificent" 7.2% yield.

"That's why VF Corp didn't want it," he said, referring to the owner of the fast-growing Vans and North Face brands that spun off the slow-growing jeans company earlier this year. "If you're an investor who wants income, this one's pretty enticing."

To buy the stock, investors must believe that management can stabilize the company and continue to reward stockholders, said Cramer, who thinks the dividend will serve as a floor for the equity. Although they both face challenges, he thinks there is good reason to take a bet on Wrangler and Lee, which rank among the top American jeans companies.

"It may take them a while to turn things around, but with that 7.2% yield ... they're paying you to wait," he said.

For investors looking for growth, however, Cramer suggested owning a share of Levi's "given what they told us last night, basically that they're going to have a very good year in 2020."

Get his full thoughts here

Wall Street finally got what it was ordering from the Federal Reserve, but somehow investors were still disappointed, Cramer said.

The central bank cut the benchmark interest rate by a quarter point to the 2% to 2.25% range, but traders who wanted Chairman Jerome Powell to signal future cuts were left unsatisfied. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all sold off more than 1% on the last trading day of July.

The host said "there was nothing shocking about Fed Chief Jay Powell's statement, but a lot of people don't seem to understand how the game is played."

Cramer took the time to review the month's biggest winners on the Dow and S&P indexes.

Find out the top performers of the month here

Cramer sat down with Martin Marietta Materials CEO C. Howard Nye to get insights into the building materials business' first half. The company had to battle wet weather in Texas and Colorado, but was able to mitigate those challenges, Nye said.

"Those are our top two states by revenue, but … what we're seeing in the Midwest, what we're seeing in the Southeast, really helped carry the day," he said. "And we like being in the position that we could have a beat as we enter half-year, raise guidance, as you said, for the rest of the year and have the top two states actually hit by weather a lot in the first half of the year."

Catch the discussion here

The budding cannabis industry cooled off in July after a couple of businesses came under fire in recent weeks, Cramer said.

The scandals have caused stocks in the marijuana sector to simmer with a number of equities falling as much as 20% this month, he said. U.S. and Canadian officials have targeted both CannTrust and Curaleaf for improper businesses practices.

"I think you need to be incredibly selective here. I still like Canopy Growth and Cronos, the two best-funded Canadian cannabis plays," the host said. Their stocks are down about 20% and 15%, respectively, "but these are long-term stories. You need to be prepared to buy them gradually on the way down."

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Cramer suggested that firms should shuffle the analysts they have assigned to cover Apple.

The company needs a new cohort of researchers that will give more weight to its subscription service business than its iPhone sales, the "Mad Money" host said.

"People just don't understand how to evaluate the new Apple. They view it as a sagging hardware story," he said. "People keep underestimating Apple's new business model."

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In Cramer's lightning round, the "Mad Money" host zips through his thoughts on callers' stock picks of the day.

Colgate: "You know what, you're getting a buying opportunity. That Colgate quarter was very good. Much better than I expected. The stock is down $3, I say pull the trigger."

Disclosure: Cramer's charitable trust owns shares of Apple.