Big things are happening in the marijuana industry, and Canada is currently the epicenter of the action. Last year, our neighbor to the north became the first industrialized country in the world to green-light recreational cannabis, and it's expected to generate $5 billion to $6 billion in annual sales within the next couple of years.

Major Upside Ahead?

When there’s a penny stock well-positioned to capitalize on a booming industry, one catalyst is usually enough to send it soaring. But this marijuana stock, which was trading at $1.41 apiece at the time of this writing, has not one, but three catalysts that could give a solid boost to its investor appeal.

I’m talking about Supreme Cannabis Company Inc(OTCMKTS:SPRWF, TSE:FIRE), a marijuana producer headquartered in Toronto, Ontario, Canada.

Unless you follow the pot industry closely, SPRWF stock probably won’t sound like a familiar name. With a market cap of around $410.0 million, the company doesn’t make headlines in mainstream financial media as often as the industry heavyweights.

If you've been keeping score, three of the top four biggest Canadian marijuana producers by market cap have reported their latest earnings results. Cronos Group (NASDAQ:CRON) kicked things off on May 9, with Tilray (NASDAQ:TLRY) and Aurora Cannabis (NYSE:ACB) following with their quarterly updates last week.

By this time next week, Greater Sudbury will have two cannabis stores, and the owner of the HighLife store on Marcus Drive couldn't be happier.

“I'm super happy,” Anton Lucic said Friday. "And I'm relieved, I guess. But more than anything, I'm really excited to get going."

Lucic was one of two lottery winners picked to open the stores allocated for Northern Ontario, which has two of the 25 stores the province is allowing to open. Both Lucic and the other winner, Saturnus Partners, chose to open in Sudbury.

The stores were allowed to open April 1, as long as their paperwork was completed and approved by the province. But most stores were delayed, and Saturnus opened their Canna Cabana outlet on Long Lake Road April 20. 

EBITDA positivity and a licensing announcement lifted a Canadian cannabis stock Tuesday. Here’s some small stocks making big moves on Tuesday, May 21, 2019 (as of 11:30 am EST):

48North Cannabis Corp. (TSXV:NRTH), a Canadian cannabis stock, powered 18% higher to $1.19 on Tuesday after announcing that it remained EBITDA positive for its third consecutive quarter with its Q3 EBITDA totaling $78,000. The Company added that it has received its outdoor cultivation license from Health Canada for its 100-acre (3.7-million-sq.-ft.) organic farm (Good Farm). 48North is expecting to harvest 40,000 kg of dried cannabis in 2019 from Good Farm.

The month of May has been a bad one for Canopy Growth (TSX:WEED)(NYSE:CGC). After an epic four-month rally, shares in the world’s biggest weed company started falling, reaching as low as $60 after flirting with $70 weeks earlier.

This isn’t the first time Canopy shares have tanked. Shortly after marijuana was legalized last year, weed stocks fell in a bear market that brought Canopy as low as $36.

Kevin Chen spent much of the last two years attending every cannabis-related conference he could find, trying to convince investors about the potential of a scientific development he had come up with in his student lab at Concordia University: Using yeast to create cannabinoids such as CBD, a compound now widely used in cannabis-based ingestibles and pharmaceuticals.

A month before legalization, Chen finally struck gold — Organigram Holdings, a New-Brunswick-based licensed producer agreed to invest $10 million in Hyasynth Bio, Chen’s Montreal-based startup.

Having long been an industry that existed behind the scenes, the cannabis industry is maturing at an extraordinary rate.

Between mid-2017 and mid-2018, pot companies spent most of their efforts on securing funding for capacity expansion, and actually constructing (or acquiring) cultivation farms and processing facilities. Now, marijuana companies have turned their attention to the next most important facet of their development: getting noticed!

Aurora Cannabis Inc. shares rose Tuesday, after the Canadian company said it has entered a multiyear, multimillion-dollar agreement with mixed martial arts organization UFC to research the effect of hemp-derived CBD products on athlete recovery and wellness.

The companies have agreed to conduct the research at UFC’s Las Vegas institute, setting up clinical studies to evaluate CBD, a nonintoxicating ingredient in cannabis and hemp, as a treatment for pain management, inflammation, injury/exercise recovery and mental well being. Aurora sharesACB, +2.00% ACB, -0.77%  rose 3%.

Whether you realize it or not, mid-May a special time of the year for investors -- and I'm not talking about the barrage of earnings reports that have hit the newswires over the past couple of weeks. No, I'm talking about May 15 being the deadline for primetime money managers and Wall Street institutions to file Form 13F with the Securities and Exchange Commission.