Canadian cannabis producer Aphria (NYSE: APHA) recently reported blowout fourth-quarter results that were wildly celebrated by investors. U.S.-based hemp cannabidiol (CBD) company Charlotte's Web Holdings (OTC: CWBHF) is only a few days away from announcing its latest quarterly results, which should also be very good.

Canopy Growth Corp (TSX:WEED)(NYSE:CGC) garners much of the attention directed at the marijuana industry, and there are excellent reasons for that.

Canopy is the largest cannabis company in the world by market cap, has one of the highest projected production capacities in the industry, and is one of about a handful of companies that have supply agreements with every province.

However, there are other pot firms to consider, and one that has been making quite a bit of noise in recent months is Curaleaf Holdings Inc (CNSX:CURA). 

The cannabis industry is already risky, at best. While there are a number of companies out there that have soared within the last year, those same companies have also dropped in share price by more than half sometimes.

It’s left many investors with a bitter taste in their mouths, wondering when would be the right time to pick up these stocks again. But while some might be waiting for an opportunity to buy big names on the cheap, others might be more willing to find some new cannabis stocks to look into.

Cronos CEO warns losses will widen

Cronos Group posted a bigger-than-expected $17.8M adjusted loss in its second quarter, as costs ballooned. The company says higher processing costs and marketing expenses were partly to blame. On the conference call, CEO Mike Gorenstein also told investors to expect its adjusted EBITDA losses to widen in the second half of the year. Shares began the trading day higher but made their way into negative territory throughout the session.

Pot stocks have suffered for most of the summer. It isn’t just pot penny stocks that have seen a downturn either.  Many of the bigger marijuana stocks across the market have felt the pressure.  Uncertainty surrounding the future of the US industry and mounting fraud claims bruised the market.

The Green Organic Dutchman (OTC: TGODF) has submitted an application to list its stock on the Nasdaq.

If approved by regulators, The Green Organic Dutchman will trade on the Nasdaq under the symbol "TGOD." The company said it would also continue to trade under the same symbol on the Toronto Stock Exchange (TSX).

"This is an important step in the growth of TGOD, one that will broaden our investor base and increase access for international investors as we build the leading global organic cannabis brand," CEO Brian Athaide said in a press release. "Our team remains focused on executing our business plan and creating value for our shareholders."

For years, the marijuana industry has been a go-to investment. Many of the most popular pot stocks have delivered market-trouncing gains since the beginning of 2016 .

Investors’ interest is shifting from large-cap to small-cap cannabis companies. Because of the controversies and scandals involving the industry leaders, investors are now focusing on unheralded marijuana stocks that have the potential to go from zero to hero.

Supreme (TSX:FIRE), Neptune (TSX:NEPT)(NASDAQ:NEPT), and TGOD(TSX:TGOD) are finally getting attention. For those who are interested in investing in the cannabis space, all three companies are becoming alternative options.

Namaste Technologies (TSXV:N) is a Canada-based e-commerce cannabis company. Namaste’s investors have had quite a ride over the years. Namaste stock has risen over 400% in the last five years. These returns are impressive. But if you investigate further, you will see that the stock has lost a whopping 86% since September last year and has burnt significant investor wealth.

This means Namaste stock had been on an absolute tear between September 2014 and September 2018 when it returned a mind-boggling 5,583%. Most cannabis stocks have lost considerable value since October last year, but few have been decimated like Namaste.

If there's one thing we've learned about the marijuana industry over the past couple of years, it's that it's dynamic. With growth prospects for the industry skyrocketing, cannabis stocks have continued to evolve their businesses to take advantage of the changing marijuana landscape.

One of the many ways we've seen this evolution take place is through mergers, acquisitions, and investments, which have really picked up in the cannabis space since the beginning of 2018. With plenty of market share up for grabs, well-positioned and/or cash-rich direct and ancillary players have begun making moves to nab their piece of the fast-growing green rush.