An Ontario appellate judge ruled on Wednesday to dismiss a motion by a group of disqualified cannabis store applicants requesting the province’s retail cannabis licensing process be suspended pending an appeal being heard.

“The process that the government has decided on should be permitted to proceed. If the moving parties are ultimately successful, they may have a remedy, at the very least, in damages,” Ontario Court of Appeal Justice Ian Nordheimer said in his remarks dismissing the stay motion.

The ruling will now see the application process to open 42 new cannabis stores in Ontario continue, although the proper roll-out of these new shops is expected to be delayed for some time.

"Best" is a relative term. The best option between breaking your leg, your arm, or your nose still isn't a very good choice. It's not quite that bad when it comes to finding the best marijuana stocks of September, but the scenario isn't nearly as good as it's been in the past.

Get ready Canada, cannabis 2.0 is coming!

About one year after cannabis dried flower and oils were first legalized in October, a new wave of products will be hitting store shelves in December.

These products include 1) cannabis-infused foods and drinks, called edibles and drinkables, 2) concentrates that can be used with vaporizers, and 3) topicals, such as ones made from cannabidiol (CBD), a non-psychoactive component of cannabis.

Expectations for these new products are huge.

A Toronto-based, organic superfood company recently launched an instant CBD latte mix.

Each serving of CBD + Golden Mylk Turmeric Instant Latte is packed with cannabis compounds like CBD, THCV, CBDV and CBG. It also contains “a blend of other medicinal compounds, including terpenes and flavonoids, as well as turmeric, cinnamon, ginger, saffron and dairy-free, shelf- and heat-stable Bacillus Coagulans (a beneficial bacteria that helps in treating infections) probiotics,” notes Ally Mamalider, director of business strategy at Organic Traditions, in an email.

Marijuana stocks kicked off 2019 on a strong note, but most of the industry's top names have been in free fall ever since the end of the first quarter.

For years, marijuana stocks have been virtually unstoppable, and investors who had the stomach and wherewithal to stick with the still-nascent industry were handsomely rewarded.

However, the past six months have not been kind to cannabis stocks. Since the end of March, and through the previous weekend, the Horizons Marijuana Life Sciences ETF, the first exchange-traded fund to focus on cannabis, had declined by 35% -- and that includes dividend payouts.

The 11 disqualified cannabis store applicants in Ontario who had their case dismissed last Friday are appealing the decision and asking the court to suspend allocating any licences to future pot shops again, a lawyer representing the group said.

Lawrence Gridin, a lawyer from Brauti Thorning LLP who represents the group, confirmed to BNN Bloomberg in a phone interview that the law firm filed documents at Ontario’s Court of Appeal and plans to ask for an interim stay of the court’s ruling from Friday.

He declined to provide further comment on the group’s plans for appeal.

It's been a rough 12 months for Canada's licensed cannabis producers, but at least investors can still look forward to next year. Consensus estimates for Canadian licensed marijuana sales are expected to reach CA$6.5 billion in 2020 and climb to CA$7.5 billion in 2021.

A recent note to investors from John Zapparo at the Canadian Imperial Bank of Commerce (NYSE:CM) suggests consensus estimates are way too aggressive. If CIBC's bold estimate comes true, there will be a lot of disappointed investors next year.