A new development in the legislative battle for legal marijuana has recently taken over domestic headlines. The new piece of legislation, known as the Farm Bill, has long-term implications for the whole world of cannabis as for the first time, Congress approved a bill that will allow $867 million to go the agricultural industry as a result of the legalization of hemp. American Premium Water Corporation HIPH, +0.00% , Canopy Growth CorporationCGC, -0.58% CannTrust Holdings Inc (otc pink:CNTTF), and Innovative Industrial Properties, Inc IIPR, +7.19% are 4 pot stocks that are heating up.

American Premium Water Corporation HIPH, +0.00% is a company you may not have heard of, but could potentially benefit from looking into. The Company is a diversified luxury consumer products corporation largely focused on utilizing the molecular potential of hydrogen as well as nano technologies to optimize cannabidiol (CBD) to treat health disorders and enhance the quality of life for consumers.

Early last week, American Premium Water Corporation HIPH, +0.00% issued a statement of applause in celebration of the signing of the 2018 Farm Bill by President Donald Trump. The Company commended the rare act of bipartisanship among all members of Congress which, following its enactment, will help create jobs and positively affect the lives of millions of Americans with legalization of hemp.

In an official press release regarding the matter, American Premium Water Corporation HIPH, +0.00% 's CEO and Interim Chairman Ryan Fishoff shared his thoughts:

''Today is a monumental day for our industry. I applaud representatives of the US government for coming together to get rid of the antiquated laws around hemp that serve the best interests of the people so well. It's very telling in this polarized and partisan atmosphere we are in, both parties overwhelmingly approved this common-sense legislation that is going to make doing business in the hemp industry significantly easier. This is a watershed day for the Company. Going forward, the restrictions and unfounded reservations against products containing CBD (like ours) should be lifted, giving millions of US consumers unfettered access to our products. The landscape of the market has seismically changed and will look very different going forward. Over the coming weeks and into the new year, the Company will be looking to capitalize off this legislation and I look forward to updating investors about it.''

Canopy Growth Corporation (CGC) (WEED), one of Canada's leading producers of cannabis, announced earlier this month that it had entered into a multi-year extortion agreement with Valens GroWorks Corp, a licensed, vertically integrated provider of cannabis products and services focused on various proprietary extraction methodologies, distillation, cannabinoid isolation and purification, according to an official press release. Following the momentum gained from this announcement, the Company's chairman and CEO Bruce Linton commented on the recent passing of the US Farm Bill, containing the language of the Hemp Farming Act of 2018.

Commented Linton, ''Canopy Growth commends the United States government for passing the Farm Bill, a transformative piece of legislation that will create jobs and meaningful economic impact across the United States Canopy Growth will participate in the American market now that there is a clear federally-permissible path to the market. Consistent with the spirit of the Farm Bill, Canopy Growth will participate in ways that support American farmers.''

CannTrust Holdings Inc (CNTTF), though smaller than many cannabis producers in terms of market cap, has managed to hold its own in key areas of the industry. According to recent statistics, the Company ranks among the top ten largest marijuana producers, in terms of projected annual production capacity.

Last week, the Company provided investors with a corporate update to highlight recent developments regarding the Company's expansion plans. According to the press release regarding these updates, the fully-permitted Phase II expansion remains on course to bring the Company's capacity to 50,000 kg per year. CannTrust expects the first harvest from the expansion in Q1/19.

Innovative Industrial Properties Inc (IIPR) started off post-Christmas trading at $43.63 per share, up 2.4% from Monday's close of $43.22. The real estate company focused on the regulated US cannabis industry announced, at the tail-end of last week, that it had closed on the acquisition of a property in Barry, Illinois, which comprises approximately 75,000 square feet of industrial space situated on approximately ten acres.

"We are very pleased to close on this transaction with Ascend in Illinois, marking our ninth state where we own properties," said Paul Smithers, President and Chief Executive Officer of Innovative Industrial Properties, Inc. "We look forward to supporting Ascend as their long-term real estate partner, as they launch and continue to expand their operations in a number of states to meet the tremendous demand for patient treatment."