CNBC's Jim Cramer on Monday told a viewer to let Microsoft's share price come down a few more dollars before pulling the trigger.

The stock fell more than 3% in the session's market-wide sell-off that was induced by escalating trade tensions between the U.S. and China.

"My take is that Microsoft is probably the best of the large-caps to ride it out," the "Mad Money" host said. "They have very little China [exposure] and they're valued more rigorously than say an Amazon is valued."

Last month, the computer giant beat earnings and revenue expectations in its fiscal fourth quarter report. CNBC reported that Microsoft has put together nine straight quarters of double-digit annualized revenue growth.

The stock finished trading Monday above $132 per share.

"That's one to buy in the $120s and I'll be pounding the table when it gets there," Cramer said. It's "only about down $10 from its high. Let it come in. It is an expensive stock at this moment, but it's doing quite well."

Cramer had a piece of advice for everyone that watched the stock market collapse and extend its multi-day losing streak on Monday as the U.S.-China trade war intensifies: Don't panic.

The Dow Jones Industrial Average plummeted nearly 770 points to record its worst trading day of 2019. The S&P 500 and Nasdaq Composite fell for their sixth-straight sessions to pull back 2.98% and 3.47%, respectively. However, the host suggested there are picks that can be made on the decline.

"Nobody ever made a dime panicking. Take a deep breath, keep your head. Remember that stocks get cheaper as they go lower if there are quality companies behind them," he said. "If you slowly buy the stocks of companies with great fundamentals, you'll be in good shape when the smoke clears."

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After a brutal trading day on Wall Street, Cramer shined a light on a number of sectors where investors can search for buying opportunities in a market shaken up by escalating trade tensions.

The CBOE Volatility Index, known as the VIX, has more than doubled in the past six trading days as the major U.S. indexes have all plummeted in the past week. A high VIX measure indicates a risky market.

The host labeled retail, pharma, tech, fossil fuels and the industrials areas are tough to invest in here as companies with Chinese exposure are expected to cut forecasts in the wake of tariff threats on remaining imports from China. But investors will be able to start new positions in a number of stocks that have sold off too much, he said.

"Remember, in harsh sell-offs like this one, you wait for stocks to go down and then you start picking among the rubble on the fifth day, searching for the ones that were punished for the wrong reasons," Cramer said.

"You need to buy small to start and then again and again, and let's see what happens" after that, he added.

Get Cramer's recommendations here

Aphria interim CEO Irwin Simon said Monday that the biggest opportunity that he sees in the Canadian cannabis market is converting consumers from the black market to the legal one.

"There's a $5 billion market out there [where] products are sold into the illicit market," he said in a one-on-one with Mad Money's Jim Cramer. "The company is working on "taking that away from the illicit market and building your brands and building consumer confidence."

The Canadian cannabis company, which has about a $1.8 billion market cap, makes and sells medical and recreational marijuana in that country. Canada legalized the weed business in October 2018.

Get more of Simon's insight in the weed industry here

In Cramer's lightning round, the "Mad Money" host zips through his answers to caller stock picks of the day.

Dropbox: "Dropbox is doing incredibly well, but the stock is doing incredibly badly. And I think … Dropbox under $20 would be a steal."

Starwood Property Trust: "I think that that's a very good situation — 8% yield because a lot of people are scared. I believe in [CEO] Barry Sternlicht."

Disclosure: Cramer's charitable trust owns shares of Amazon and Microsoft.