CannTrust Holdings Inc. CNTTF, +3.04% said Tuesday that it has applied to list its shares on the New York Stock Exchange, following other large Canadian cannabis companies that list in the U.S. but operate in Canada.

CannTrust stock was down 4% in morning trading, as the ETFMG Alternative Harvest ETF MJ, -0.14% fell 1.8%.

"CannTrust has firmly established itself as one of the top licensed producers in Canada with a global platform rooted in trust, science and innovation," CannTrust Chief Executive Peter Aceto said in a statement.

While recreational marijuana has been legal in Canada since October 2018, some companies have been left in limbo as they wait for regulations on cannabis edibles, topicals and extracts.

However, that's expected to change later this year.

Once Health Canada finalizes its proposal on regulations, such cannabis products will be permitted for sale under The Cannabis Act no later than October 17, 2019.

Canada’s pot shortage could last as long as three years, according to industry executives who say production estimates are too rosy.

Shortages have plagued the country since recreational marijuana was legalized in October. In response, Quebec’s government-controlled stores have closed three days a week, Alberta has temporarily stopped issuing retail licenses and Ontario has said it will initially open just 25 stores across Canada’s most populous province.

As of mid-December, about 50 per cent of products for sale in five provinces were out of stock, according to Cowen & Co. analyst Vivien Azer.

This situation could continue for as long as three years, said Chuck Rifici, chief executive officer of Toronto-based Auxly Cannabis Group Inc.

Aurora Cannabis Inc. says it expects to report second-quarter revenue of between $50 million and $55 million.

Analysts had expected revenue at the marijuana producer to total about $67 million for the quarter ended Dec. 31, 2018, according to Thomson Reuters Eikon.

Aurora says the result for the quarter is up from $11.7 million in the same quarter a year ago and better than the $29.7 million for the quarter ended Sept. 30.

The increase was driven by the start of the adult consumer use market in Canada in October and shipments of medical cannabis to Aurora's base of roughly 71,000 patients in Canada.

The company says its production capacity is now about 100,000 kilograms per year, up from 70,000 in November.

The end of the year was a large turning for the marijuana industry, as the year's events were instrumental in cementing the growth of the cannabis sector around the world. Specifically, in North America, many variables have fallen into place that have allowed for more favorable opinion surrounding cannabis. In turn, the trends towards accepting cannabis, and its countless uses, has allowed for companies in the space to attract investor attention. Following Canada's nation-wide legalization and the recent passing of the US Farm Bill, the nascent cannabis sector has shown exciting promise in terms of opportunities for investors looking to the space.

It’s been nearly three months since cannabis became legal for recreational use in Canada, and now the federal government is preparing to allow more products onto the market — in particular, edibles like baked goods, candy, and chocolate.

What happened

Shares of Neptune Wellness Solutions (NASDAQ:NEPT)rose nearly 19% today after the company announced that it had received a license from Health Canada to begin processing cannabis. (The Motley Fool contributor George Budwell announced the news before the company did.) The license allows the company "to handle dried cannabis, to manufacture and purify cannabis extracts and cannabis oil, and to sell its services to other license holders." 

PopCom, a leading Black-owned automated retail technology company specializing in smart vending and kiosk solutions, has announced its plans to develop a new blockchain-powered product ecosystem that enables cannabis, pharmaceutical and alcohol retailers to automate the sale of government-regulated products. The company is inviting forward-thinking investors to join them in bringing transformative technology to retail via their Security Token Offering (STO)–a public fundraising round that allows to anyone invest in the future of retail. The minimum investment is $252 and the team is looking to raise $945,000 in a 90 day period.

2018 was a banner year for marijuana stocks across North America. Over the past 12 months, the Canadian Marijuana Index (managed by MJIC) is up 10%, while the S&P/TSX Composite Index is down 11.5%. Star performers were driven mostly by the wave of marijuana legalization across North America. This year, that wave could spread further across the world.

However, the exuberance of last year must be reconciled with reality sooner or later. The combined market value of all the marijuana companies listed on the market today is $48.7 billion. That’s one-fourth the estimated global market size of recreational and medical marijuana in 2030.

It's the first day cannabis retailers can throw their names in a lottery for one of 25 licences to open a pot shop in the province, but the pull-from-the-hat approach could leave Ottawa without a single storefront.

Cannabis has been legal since Oct. 17, but so far, Ontario consumers have only been able to buy the product online.

Only 25 licences will be issued by Apr. 1 to the first wave of private retailers, with a lottery system determining the winners.

According to a local public affairs consultant, that's not the best way to combat black market cannabis sales — especially if Ottawa ends up without any legal outlets.