As recently as April, 17 pure-play pot stocks -- i.e., not the Scotts Miracle-Gros and Altrias of the world that rely on cannabis as a small percentage of their sales -- were lugging around a market cap of at least $1 billion. This was the result of robust growth projections for the marijuana industry that forecast anywhere from $50 billion to $200 billion in annual worldwide sales in a decade's time.

As the market for cannabis stocks continues to mature, investors will need to keep digging deeper to uncover the real value hidden in the sector.

Here are three cannabis stocks that have opted for less-conventional routes, carving out their own unique niches within the rapidly growing market for legal cannabis.

Hexo (TSX:HEXO) inked a deal with leading alcoholic beverage maker Molson Coors Canada last year that will see the two companies join forces to work on developing a cannabis-infused recreational adult beverage product line.

But HEXO’s got grander ambitious than just that.

For years, the marijuana industry has been thriving, and the expectation is that even greener pastures await. After all, according to a recently released report from Arcview Market Research and BDS Analytics, "The State of Legal Cannabis Markets," global weed sales should grow at a better than 24% annual clip through 2024 to north of $40 billion. Mind you, this figure focuses on licensed-store pot sales, but excludes cannabinoid-based pharmaceuticals and general-store cannabinoid revenue.

Marijuana stocks have been going absolutely gangbusters for the past several years, thanks to the industry's steady march toward legalization across the globe. Several cannabis stocks, in fact, have more than quadrupled in value over the prior 36-month period. Valuations across the space, though, have started to come down in a big way. Since the start of May, for instance, the major Canadian cannabis cultivators have lost, on average, a whopping 28.8% of their value.

Imperial Brands invests $123M in Auxly for global cannabis vape plans 

When it comes to marijuana penny stocks, they are some of the best buys available on the market right now. Combining strong potential for future gains with low barrier to entry cost, marijuana penny stocks have seen many portfolios balloon over the years. But there is an important lesson that investors need to know about marijuana penny stocks: they can be fragile.

Case in point: CannTrust Holdings Inc (NYSE:CTST). CTST stock has been absolutely destroyed, falling 22% on Wednesday and down to $2.00 from $10.00 in March.

This fall, the Canadian cannabis industry will get rebooted. Cannabis 2.0 will see the inclusion of edibles and other marijuana-infused consumables hit the legal market in an event that is sure to stimulate the “green gold” section of the TSX.

The anticipation of this perceived boost is already showing itself as bullishness in the sector, with a newly debuted stock seeing satisfactory upward momentum.

It’s time to party like it’s 2018 all over again

Up 11.56% at the time of writing, Avicanna (TSX:AVCN) is on a mission to lead the medical cannabis market. A newcomer on the TSX, the company is one of a raft of IPOs set to appear on Canada’s largest stock exchange this year.

Nova Cannabis, 499 Queen W.

BUZZ Airy. Most user-friendly of Toronto’s legal pot shops.

COOL Emphasis on the consumer experience; cannabis education sessions offered every Thursday; helpful cue cards on display with info on strains; decent selection of accessories for your smokables – the other places try too hard; you can order using giant touch screen.

NOT COOL Website. You can subscribe to their newsletter but otherwise little information on what’s available in-store. 

Global competition in the cannabis industry is starting to heat up. One company out of Alberta looks to be a big player on that stage. Sundial Growers has operations in Canada and the U.K. and has some ambitious goals for the future, including a listing on the NASDAQ.

This week, the company announced its plans for an IPO on the U.S. exchange. It could be a great opportunity for investors to invest in what could be the next big global cannabis brand.

Why Sundial could rival some of the top cannabis companies

Although Sundial isn’t a big company today, that could soon change as it recently acquired Bridge Farms Group out of the U.K., which will be key to its international growth.

CannTrust Holdings Inc. ("CannTrust" or the "Company",TSX: TRST, NYSE: CTST) today announced immediate senior management changes and other interim actions based on the ongoing investigation being undertaken by a special committee (the "Special Committee") of its board of directors (the "Board of Directors").