Two of the three biggest Canadian marijuana producers by market cap have already reported their financial results from the quarter ended Dec. 31, 2018. Aurora Cannabis (NYSE:ACB) and Canopy Growth(NYSE:CGC) both delivered impressive revenue growth. But we don't know yet how Tilray(NASDAQ:TLRY), the Canadian marijuana grower with the third-largest market cap, performed in the last quarter. It's currently a mystery -- but not for long. Tilray will announce its fourth-quarter results after the market closes on Monday.

If Yellowknife's Jason Harker is successful in his quest to get a licence to produce cannabis, he'll become one of the first people to enter the industry in the Northwest Territories, if not the entire North. CBC News looked into what exactly a person needs to do in order to receive approval to run a grow-op in Canada.

What do I need to do to get licensed?

Shirley Toms, a regulatory consultant who works for Cannabis Compliance Inc., compares the process to a "4D matrix." Here's what's in that matrix:

According to Health Canada, licensed businesses sold 7,115 kilograms of dried flower in January. That was 3.7% less than in December, which hardly looks like a Canadian sales explosion that will help Aurora Cannabis (NYSE:ACB) or Cronos Group (NASDAQ:CRON) make ends meet before they need to ask investors for more money.

There are more than a few reasons for the slowdown, some of which many investors have been trying their hardest to ignore. Here's what you need to know.  

Let's face it: Marijuana is a commodity. That makes it challenging for marijuana businesses to differentiate themselves from the competition. But it's not impossible to do so.

Actually, three marijuana stocks appear to be in great shape to stand out from the pack for a long time to come. You could even say that Canopy Growth (NYSE:CGC), Cronos Group (NASDAQ:CRON), and Scotts Miracle-Gro (NYSE:SMG) have a killer advantage. Here's why.

Canadian sales of legal dried cannabis in January declined from the prior month, the first such decrease since recreational use of marijuana was legalized last year, while inventory levels continued to rise, according to the country’s pot regulator.

Health Canada said 7,115 kilograms of dried flower cannabis was sold in Canada in January, down 3.7 per cent from December, according to the government agency’s monthly Cannabis Tracking System, which was updated late Wednesday. Overall sales of legal dried cannabis were up 10.9 per cent since recreational pot was made legal in October.

Cannabis legalization is making things more complex for auto insurers and increasing risk for some commercial property clients, A.M. Best Company Inc. suggests in a recent report.

About 25 insurers, most of whom are non-admitted, provide coverage for cannabis risks in Canada and the United States, A.M. Best reported in Cannabis: New Opportunities for Insurers, But with Burgeoning Risks, released March 12.

In 2018, the Criminal Code of Canada was changed to allow possession of marijuana for recreational use. At the same time, Bill C-46 created new criminal offences for driving while impaired by tetrahydrocannabinol (THC), the active ingredient in marijuana.

Though it may be hard to believe now, the marijuana industry was considered taboo just a short time ago. As recently as 2005, only a third of respondents in Gallup's cannabis survey favored legalizing pot, and just a handful of U.S. states had legalized the use of medical marijuana. Further, no country in the world had even thought about legalizing adult-use pot.

A man who helped develop Canada’s cannabis policies 20 years ago is coming to the Kootenays next week to talk about how to save small pot producers from extinction.

David Hurford is visiting Nakusp and Nelson to talk about setting up a co-op that could help make more small cannabis operations legal.

“I don’t think we can understate the crisis a lot of people are going through,” says Hurford. “There are people in dire straights out there. People being forced to make very difficult choices, and the government has not created a pathway for them to become legal.”

In January, I named Hexo (TSX:HEXO) my favourite pot stock for 2019. My conclusion was that shares potentially had 300% upside. Since that call, Hexo stock has popped by around 25%. Compared to my previous predictions, that leaves plenty of upside left for investors. “The road will continue to be bumpy,” I wrote a few months ago, “but there are plenty of exciting reasons for Hexo to be my top pot stock for the year ahead.” Is Hexo still your best bet among an increasingly crowded cannabis industry?

Catch up on this news

Several notable events have happened since my last article.

Six Nations Elected Council has passed a law to regulate cannabis in its territory.

The band office conducted community consultations before approving the law that lays out regulations for marijuana cultivation, distribution, sales and use.

The 22-page document says the law is meant to "protect the health and safety" of Six Nations, the most populous First Nation in Canada.

It also says the regulations, approved last month, are also meant to "prevent interference by external law enforcement into Six Nations domestic affairs."

The law stipulates eight per cent of a vendor's sales must be handed over to the band office at the end of each month to go toward community projects.