Another close presidential election could be on the way. It's not too soon for investors to begin thinking about where the best opportunities might lie, depending on which candidate is elected.

I've already written about stocks I expect to perform well if GOP presidential nominee Donald Trump wins. However, Vice President Kamala Harris -- the presumptive Democratic presidential nominee after President Joe Biden's withdrawal from the race -- has changed the dynamics of the campaign.

Which stocks will likely take off if Democrats hold on to the White House? I predict three stocks will soar if Harris wins in November.

1. Brookfield Renewable

Harris has a long track record of supporting ways to address climate change. She has already picked up endorsements from several groups that support renewable energy.

I think renewable energy stocks, in general, should enjoy a nice boost if Harris beats Trump. And I expect Brookfield Renewable (NYSE: BEP) (NYSE: BEPC) will be among the biggest winners.

Brookfield Renewable operates hydroelectric, wind, solar, and distributed energy and storage facilities in more than 20 countries. Its current operational capacity totals 32,500 megawatts. The company's development pipeline could add another 157,000 megawatts of capacity.

I think Brookfield Renewable will deliver solid returns over the long run, even if Harris doesn't win. Renewable power is already the lowest-cost energy solution in many cases. Energy security and independence are important, regardless of who sits in the Oval Office.

The company's distribution gives it a big head start in generating attractive total returns. Brookfield Renewable's distribution yield stands at 6%, and its distribution has increased by a compound annual growth rate of around 6% over the last two decades. Brookfield projects annual distribution growth between 5% and 9% over the long term.

2. Rivian Automobile

In May, Vice President Harris announced new federal investments in the automotive sector. These investments included $50 million in grants to help "automakers and auto suppliers transition to electric vehicle manufacturing here in America."

She would likely continue her support of EVs if she's elected in November. A victory by Harris would be good news for Rivian Automobile (NASDAQ: RIVN).

Rivian is a leading American EV maker. Its share of the U.S. EV market tops 5%. I expect that market share to grow.

The company's R1S is already the bestselling EV in the U.S. with a price tag of over $70,000. Rivian has its sights set on the lower-cost market with its new midsize R2, R3, and R3X vehicles, unveiled earlier this year. It also has a huge customer in Amazon, which wants to deploy 100,000 Rivian electric-delivery vans to reduce carbon emissions.

Rivian's revenue nearly doubled year over year in the first quarter of 2024. Although the company is losing money now, it's confident it will achieve profitability later this year.

3. Trulieve Cannabis

Harris' views on cannabis have changed over time. She now supports marijuana legalization. That could especially bode well for Trulieve Cannabis (OTC: TCNNF) if she defeats Trump.

Trulieve dominates Florida's medical cannabis market and has market-leading positions in Arizona and Pennsylvania. The company operates over 200 dispensaries.

Harris' presidential campaign could directly boost Trulieve's fortunes. How? Florida citizens will vote in November on whether or not to legalize adult-use cannabis.

Democrats tend to support legalization more than Republicans do. With Harris' entrance into the presidential race stirring enthusiasm among Democratic voters, more of them could head to the polls to vote for her -- and for legalizing recreational marijuana in Florida.

Trulieve would likely be able to easily extend its market leadership in Florida's medical-cannabis market to the adult-use cannabis market if marijuana is legalized. Harris doesn't have to win the Sunshine State to help the company -- and the stock.

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Keith Speights has positions in Amazon, Brookfield Renewable, and Brookfield Renewable Partners. The Motley Fool has positions in and recommends Amazon, Brookfield Renewable, and Trulieve Cannabis. The Motley Fool recommends Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

Prediction: These 3 Stocks Will Soar If Kamala Harris Wins in November was originally published by The Motley Fool