The marijuana industry is fast-paced is more ways than you can imagine. Sure, growth estimates for the industry are through the roof, with various Wall Street estimates suggesting that global annual sales could grow to between $50 billion and $200 billion in roughly a decade's time. But this isn't the only dynamic aspect of legal cannabis.

Nearly two-thirds of Americans support marijuana legalization, a new IBD/TIPP poll found, and nearly one-fifth of investor households consumed cannabis in the past six months as more marijuana stocks appear on exchanges.

Consistent with polling elsewhere, 63% of Americans said marijuana should be legalized. Support for marijuana legalization was highest in the West, at 72%, and lowest in the Northeast but still a majority at 55%.

Only 46% of Republicans said weed should be legalized. That compared to 66% of self-described Independents and 75% of Democrats who said it should be legal.

Aphria interim CEO Irwin Simon said Monday that the biggest opportunity that he sees in the Canadian cannabis market is converting consumers from the black market to the legal one.

“There’s a $5 billion market out there [where] products are sold into the illicit market,” he said in a one-on-one with Mad Money’s Jim Cramer.  “The company is working on “taking that away from the illicit market and building your brands and building consumer confidence.”

Cannabis stocks have had one heck of a volatile year. This group of equities easily outperformed the broader markets in the first half of 2019, but a spate of scandals and unexpected managerial shake-ups ultimately sent valuations crashing back to Earth during the summer months. 

Cannabis investors finally received some good news after weeks of downward pressure sent many of Canada’s top marijuana stockstowards 2019 lows.

What happened?

Aphria (TSX:APHA)(NYSE:APHA) became the first major pot producer to report a quarterly profit. The results surprise analysts and attracted a flood of money into the stock, sending the beleaguered marijuana company from $6.90 to above $9.40 per share. Short covering likely provided additional support.

Cannabis stocks got off to a blazing-hot start to begin the year. During the first quarter, the Horizons Marijuana Life Sciences ETF, the very first cannabis exchange-traded fund, gained more than 50%, with over a dozen popular pot stocks rising in excess of 70%.

However, it's been a different story since April began. Marijuana stocks have certainly lost their buzz over the past four months, with supply issues in Canada, tax problems in the U.S., and operating woes wreaking havoc on pot stocks throughout North America. Although the industry offers abundant long-term potential, it's still in the maturation phase of its evolution.

During the first quarter, cannabis stocks were practically unstoppable. The Horizons Marijuana Life Sciences ETF , the first-ever cannabis exchange-traded fund to hit the market, rose more than 50%, and 14 popular pot stocks scorched higher by more than 70%.

Most cannabis stocks took a shellacking in July. You'd run out of fingers and toes to use in counting the number of cannabis stocks that dropped by double-digit percentages last month.

But the meltdown also created what appear to be good opportunities to scoop up some cannabis stocks on the cheap in August. Three particularly compelling stocks, in my view, are Innovative Industrial Properties (NYSE:IIPR), HEXO (NYSEMKT:HEXO), and OrganiGram Holdings (NASDAQ:OGI).

Israeli cannabis-based pharmaceutical company Nextage Cannabis Innovation Ltd. is raising up to $15 million from private Canadian entities at a company valuation of $50 million, according to one person familiar with the matter who spoke to Calcalist on condition of anonymity. The company, which is currently in the process of merging with Tel Aviv-listed Micromedic Technologies Ltd., intends to use the funding to build a manufacturing facility for its products in Israel and to continue developing its pipeline, the person said.

The company is working to raise funds as per the agreement with Micromedic, but the target sum is still undecided, Nextage founder and chair Orna Dreazen told Calcalist. The company is aiming to list in Canada or the U.S. as well, she added.

Medical Marijuana Market sheds light on critical market dynamics such as drivers, restraints, trends, and opportunities to help businesses prepare for any challenges ahead in time. It provides regional analysis of the global Medical Marijuana  Market to unveil key opportunities available in different parts of the world. The competitive landscape is broadly assessed along with company profiling of leading players operating in the global Medical Marijuana  market.