The Boeing Company BA recently secured a modification contract to offer engine depot-level maintenance and repair support for P-8A Poseidon jets. The deal has been awarded by the Naval Air Systems Command, Patuxent River, MD.Details of the DealValued at $131.7 million, the contract is projected to get completed in October 2022. The majority of the work related to the deal will be executed in Atlanta, GA.The contract will serve the U.S. Navy, the government of Australia, and Foreign Military Sales customers.Importance of P-8A PoseidonThe P-8A Poseidon, a multi-mission maritime patrol aircraft, can perform anti-submarine and anti-surface warfare, intelligence, surveillance and reconnaissance, and search and rescue missions. Seven nations across the globe have selected the P-8A as their future maritime patrol aircraft including South Korea and New Zealand. In February 2020, Britain’s Royal Air Force (RAF) received its first P-8A aircraft, whereas in March 2021, Boeing won a $1.6 billion contract for the production and delivery of 11 P-8A jets to the U.S. Navy and the government of Australia.Last month, the company won another contract worth $757 million for the production and delivery of 12 P-8A jets to Germany. Such frequent contract inflows, including the latest one, indicate the global demand that this jet model enjoys.What’s Favoring Boeing?Of the varied defense equipment that Boeing manufactures, the company’s strength lies in the development of combat-proven aircraft such as the P-8A Poseidon. Additionally, Boeing started developing military aerial refueling and strategic transport aircraft for its fixed-wing military aircraft programs. Such notable developments are anticipated to fuel this aerospace giant’s growth, considering the increasing defense spending provisions made by the current U.S. administration.Being the United States’ largest jet maker, Boeing enjoys a smooth flow of contracts for military jets and its associated upgrades. The latest contract win is an example of the same. Growth ProspectsPer a Mordor Intelligence report, the global maritime patrol aircraft market is anticipated to witness a CAGR of 6.4% during the 2021-2026 period. The heightening threat of global terrorism and geo-political issues alongside the need to replace aging maritime patrol aircraft with a new and advanced fleet will likely spur demand for maritime patrol aircraft during the forecast period, thereby boosting growth of the market.Notably, major industry players poised to gain from surging maritime aircraft demand include Boeing, Lockheed Martin LMT, Textron TXT and Northrop Grumman NOC.Notably, Lockheed’s maritime patrol aircraft, P-3 Orion performs air, surface, and subsurface patrol, and reconnaissance tasks over extended periods and far from support facilities.Textron’s King Air 260 jets provide the right balance of durability and operating economics for maritime patrol missions.Northrop Grumman’s MQ-4C Triton unmanned aircraft system provides real-time intelligence, surveillance and reconnaissance over vast ocean and coastal regions.Price MovementIn a year’s time, shares of Boeing have surged 29.9% against the industry's 8.7% decline.Image Source: Zacks Investment ResearchZacks RankBoeing currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Boeing Company (BA): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Northrop Grumman Corporation (NOC): Free Stock Analysis Report Textron Inc. (TXT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research