Canadian cannabis producer HEXO (NYSEMKT:HEXO) recently unveiled results from the three months ended April 30, 2019. There were some impressive top-line numbers, but they were largely ignored and the stock finished the week of its announcement 32% lower than a peak it reached near the end of April.

Is this dip a chance to pick up a leading cannabis producer at a discount, or could this be the beginning of a longer slide? Here's what you need to know about HEXO's chances to turn this ship around.

Reasons to buy

There aren't many industries growing faster than licensed cannabis right now. Using 2018 as a baseline, global sales are expected to double by 2022.

Canadians looking to buy cannabis-infused brownies or lotions will find a “limited selection” in legal stores in mid-December at the earliest, the federal government says, but industry players expect the full rollout of next-generation pot products to come in 2020 or later.

Health Canada on Friday released its final regulations governing the new classes of cannabis-infused goods, including topicals and vaporizable concentrates, and indicated the rules will come into force on Oct. 17 — exactly one year since the legalization of recreational pot in Canada.

However, the Ottawa-based agency noted that after the law takes effect, federal cannabis licence holders must provide 60 days notice to the agency of their intent to sell new products.

If you're considering buying either Canopy Growth (NYSE:CGC) or Scotts Miracle-Gro (NYSE:SMG), you probably wish you could turn back the hands of time. Both stocks are up more than 50% so far in 2019. The nice gain is a welcome change for Scotts, but just a continuation of momentum for Canopy Growth, which has skyrocketed around 1,950% over the last three years.

It's not too late to jump aboard either of these stocks. But which one is the better pick for long-term investors now? Here's how Canopy Growth and Scotts stack up against each other.

With the state's legislative session ending on Wednesday, it still remains unclear if recreational marijuana will be legalized in New York. But as of Saturday morning, a cannabis retail shop officially opened its doors just five miles from the Rainbow Bridge into Canada.

Dozens of people came to the grand opening of Choom Cannabis - one of more than 20 recreational marijuana stores that has opened in Ontario since Canada legalized the drug.

Before this point, the closest marijuana retail shop to Western New York was in St. Catharines. But now with a quick drive over the bridge, officials are now expecting to see more Americans.

Bigfoot. The Loch Ness monster. Profitable pot stocks -- All three things are rumored to exist but are very hard to find.

Investors have good news, though: It's not impossible to find the third item on the list. While most cannabis-related companies remain unprofitable even when their sales are soaring, there are a handful of businesses operating in the cannabis industry that are actually generating solid earnings.

University of B.C. researchers say Canada’s impaired driving laws may be too strict when it comes to low levels of THC.

The UBC study, published in the journal Addiction, found that THC levels less than five nanograms/ml of blood do not lead to an increased risk of causing car crashes in most drivers.

Canadian drug-impaired driving laws penalize drivers found to have blood THC levels of between two to five nanograms/ml with fines.

Dr. Jeffrey Brubacher, associate professor in the department of emergency medicine at UBC and lead researcher on the five-year study said in an interview Thursday that he would recommend Canada’s laws be changed to not penalize someone with under five nanograms/ml in their blood.

Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB) is a Canadian cannabis stock and is the second-largest Canadian cultivator by market cap. The Company has invested a significant amount of money into innovation and efficiency, which makes them attractive as an investment.

Staff from WeedMD’s operations in Aylmer and Strathroy, along with members of its leadership team and Strathroy-Caradoc Mayor Joanne Vanderheyden, rolled up their sleeves and planted marijuana in a 10-hectare plot previously used to grow asparagus.

More than 20,000 clones – small cannabis plants grown from the cuttings of a mother plant – will go into the ground in a fenced section of the company’s 64-hectare property that also houses its greenhouse operation.

The farm is outfitted with an irrigation system and plastic row coverings to keep weeds from growing.

“I can confidently say that we’ve thought of everything here. We will have an amazing bumper crop,” WeedMD chief cannabis officer Derek Pedro said.

Cannabis stocks continued to drop Thursday after a tough week so far with broad losses across North American markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 2% to 239.7 points on Thursday. The Horizons Marijuana Life Sciences Index ETF was down 1.7% to C$18.77. The OTCQX Cannabis Index was down 2.3% at 735.1 points.

Duds

HEXO Corporation (NYSEAMERICAN:HEXO) (TSE:HEXO) announced fiscal third-quarter results Wednesday that showed surging revenue thanks to the ongoing rollout of a legalized cannabis market in Canada. The cannabis producer saw sales jump more than tenfold to C$13 million but fell short of Street estimates by C$1 million. 

The marijuana stock market has seen quite the amount of exciting updates over the course of the past few months. In that time, we have seen companies move toward reaching their future goals, as well as a newfound acceptance coming from the market as a whole. Because of these shifts, it seems as though now is the friendliest time ever to take a first or second look at investing in the world of cannabis. One of the things to keep in mind, however, is that cannabis can be quite volatile. This is one of the reasons that many choose to invest, but the most important factor is to always do the proper research and to know all one can about the market and its fluctuations.