Stocks wilted in May. The S&P 500 plunged 6.4%, including dividends, which is a huge monthly drop that equates to an annualized loss of nearly 77%.

Last month was the market's first down month in 2019, and the worst May for stocks since 2010.

High-flying stocks were generally the hardest hit, particularly those in the cannabis space. Amid the carnage in the sector, however, there was a little-known gainer: EnWave (TSXV:ENW) (NASDAQOTH:NWVCF). Along with making all-natural dried cheese snacks, the Canada-based company licenses, manufactures, and installs equipment for dehydrating organic materials, including marijuana and hemp. 

The Canadian market for next-generation cannabis products is worth an estimated $2.7 billion annually, with edibles contributing more than half, according to a new report from Deloitte.

This spending once the final edible pot regulations roll out in the coming months is expected to be on top of the roughly $6-billion estimated domestic market for recreational and medical cannabis, the consultancy said Monday.

Few industries have investors seeing green quite like the marijuana industry. The Horizons Marijuana Life Sciences ETF, the very first tradable cannabis exchange-traded fund, has more than tripled the year-to-date gains of the broad-based S&P 500, which is also having quite the year. Thanks to expectations that Canada will continue to ramp-up sales, Mexico joining Canada as a legalized recreational market later this year, and U.S. cannabis sales continuing to soar, marijuana stock valuations are getting pushed higher.

A couple of big Wall Street banks recently weighed in on a basket of widely traded marijuana stocks. Analysts at Jefferies and Bank of America agreed that two of the world's largest cannabis companies are good stocks to buy right now, but they disagreed sharply about a third licensed producer.

Blindly following recommendations is a surefire way to underperform the overall market, but understanding why analysts are willing to make bold calls is almost always worth the effort. Here's why Wall Street banks think you should buy these three stocks.

The first year I could vote, in the early 2000’s, medical marijuana was on the Michigan ballot. I voted yes, even though I didn’t know nearly as much as I do now as a PhD-trained research scientist. I was aware even then that marijuana could have many more uses than just giving someone a good time. While many conservatives laughed at the word “medical” tacked to the front of it, viewing it as a ploy to legalize bad behavior, this conservative placed her bets on the future of medical marijuana in the clinic.

In a week that can only be described as eventful, Illinois lawmakers passed a bill to legalize adult-use cannabis – which now only needs the governor’s signature; the FDA held a public hearing on the regulation of products containing CBD; and a federal appeals court 

The Canadian cannabis industry is beginning to solve the supply shortages that have plagued it since legalization came into force, according to an analyst at Bank of Montreal (BMO). Tamy Chen, an equity research analyst for BMO Capital Markets, says the chronic issues are being resolved more quickly than projected. “It appears that the industry supply is improving sooner than we had anticipated,” Chen wrote in a letter to clients on May 30.

Forget cannabis edibles and cannabis leaf products. The big story right now is cannabidiol, or CBD.

Hemp is now legal in the U.S. And the most lucrative opportunity resulting from this legalization is with hemp-derived CBD products. Cannabis market researcher Brightfield Group projects that the U.S. hemp CBD market will total $22 billion by 2022. A more conservative estimate comes from investment firm Piper Jaffray, which forecasts annual U.S. hemp CBD sales of close to $15 billion by 2023.

This week Google updated its Play Store policy to restrict apps that "facilitate the sale of marijuana or marijuana product," even if the substance is legal in your area.

With the latest update to the Play Store policy, Android Police spotted Google stating that the platform will no longer allow marijuana delivery apps to be available on the digital store, "regardless of legality."

According to the company, apps that help users order or arrange the delivery and pick-up of marijuana and other products containing THC are no longer allowed on the Play Store. Two popular cannabis services affected by the policy change, Weedmaps and Ease, have not been removed by the platform, but their ordering functionalities will be disabled in order to comply with the new rules.

In the context of what’s going on in the market today, i.e., trade uncertainties, an inverted yield curve, a heavily indebted consumer, and general global malaise, a 14% drop in the stock price of Canopy Growth Corp. (TSX:WEED)(NYSE:CGC) is nothing to be shocked about.

With the Canadian economy seeing slower than expected GDP growth again, this time coming in at 0.4% compared to expectations of 0.7%, we are seeing more and more to be nervous about.

Here are two things that I would keep in mind when making the decision of whether to buy Canopy Growth stock on weakness.