One of the major events on the horizon for the marijuana industry is that before the end of the year, we’re going to see a whole new set of marijuana products be made available to the Canadian public: namely, edibles. While Canada legalized marijuana products federally last October, edibles are still technically illegal (although they aren’t exactly hard to find on the grey and black markets). But this coming December could be another huge run for marijuana stocks.

The big day, for 2019 at least, is about five months away for Canadian marijuana stocks. After officially legalizing recreational marijuana on Oct. 17, 2018, Canada's regulatory agency Health Canada expects derivative products to first make their way onto dispensary-store shelves by mid-December. Derivatives are, for example, non-dried-flower products, such as vapes, edibles, topicals, concentrates, and nonalcoholic infused beverages.

The Ontario Cannabis Store has removed certain CannTrust Holdings Inc. products from its online store and from distribution to physical outlets until Health Canada completes its investigation involving pot cultivation in unlicensed rooms, while other provinces continue to stock and sell the company's goods.

"Due to the Health Canada temporary hold on certain CannTrust cannabis products, Ontario Cannabis Store has voluntarily removed all affected products from distribution through OCS.ca and to the authorized retail stores pending the outcome of the investigation," said spokesman Daffyd Roderick in an emailed statement on Wednesday.

Cannabis stocks were faced with yet another tough day on Wednesday, after weeks of losses across North American markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 2% to 225.5 points on Wednesday. The Horizons Marijuana Life Sciences Index ETF was down 0.7% to C$17.70. The OTCQX Cannabis Index inched up 0.2% at 716.3 points.

Buds

Despite the overall lags, a number of stocks shone on Wednesday.

With marijuana now medically legal in 33 states and recreationally legal in 11 states (plus D.C.), the concept of smoking, vaping, or eating it is fair game in the mainstream. But with lingering restrictions on testing it due to the Drug Enforcement Administration, how it affects the brain remains murky territory.

Although the ride can be bumpy at times, there's no denying that the marijuana industry is slowly but surely maturing before our eyes. With Canada having legalized recreational marijuana, and two-thirds of U.S. states now allowing medical marijuana prescriptions from a physician, the breadth of legal cannabis is greater than it's ever been.

According to various Wall Street projections, the global pot industry could see a fourfold to sixfold increase in sales between now and 2029/2030. If these estimates prove accurate -- and there's reason to believe they're attainable given the tens of billions of dollars in sales on the black market each year -- the cannabis industry could be a once-in-a-generation growth opportunity for investors.

An additional 50 cannabis retail stores in Ontario won’t be enough to bring down the price of pot products for consumers, says one industry watcher.

The Alcohol and Gaming Commission of Ontario, the province’s marijuana retail regulator, is holding a second lottery in August to award 42 retail licences to open stores beginning in October. Another eight licences will go to First Nations communities.

Sudbury has two pot stores already in operation — Highlife at 1299 Marcus Dr., and Canna Cabana Sudbury, 2019 Long Lake Rd.

Touted as only the second commercial cannabis growing operation in Northern Ontario, Sudbury-based GaiaCann Inc. is looking to position itself as a medical cannabis industry leader with plans to launch a 32,000 sq. ft. indoor cultivation facility in 2020.

“The Innovation Project” facility is to be located in the northeastern Ontario town of Espanola, approximately 40 minutes from Sudbury. The facility will primarily focus on cultivation, extraction and purification of cannabis and center on medical products, notes information on the company website. Its expected capacity could produce 2,750 kg of dried cannabis and 200,000 kg of extracted product each year.

The surprise firing of Canopy Growth’s (TSX:WEED)(NYSE:CGC) CEO Bruce Linton has been applauded by many analysts as an opportunity for Canada’s largest licensed producer (LP) to finally exercise some fiscal discipline.

Prior to the legalization of recreational marijuana, Canadian cannabis names have been able to serially raise shares and spend the funds carte blanche on acquisitions, which may or may not add any value to the core business. Because funding was so cheap, LPs were able to pursue every vertical under the sun without a clear strategy toward profitability.

Like dried flower products, cannabis drinks will face strict regulations once they become available for sale later this year in Canada.

Following the confirmation of guidelines from Health Canada, the industry is gearing up to deliver on the promise of these drinks.

With the legalization of cannabis edible items projected to attract 1.5 million new consumers in Canada and infused drinks expected to secure revenues of C$529 million per year, marijuana companies have set a target to deliver novel beverages to the market.