Despite recently crossing above 3,000 for the first time in its storied history, the broad-based S&P 500 (SNPINDEX:^GSPC), which as its name suggests takes into account the weighted-average share price movements of around 500 companies, isn't all that pricey.

According to data provided by The Wall Street Journal as of this past Monday, July 22, the S&P 500 was valued at a reasonable 18 times forward earnings (i.e., next year's profit projections).

Giant Quebec-based convenience store owner Alimentation Couche-Tard Inc. is investing in cannabis retailer Fire & Flower Holdings Corp. of Edmonton to spur its “aggressive growth.”

Couche-Tard is paying almost $26 million for a 9.9 per cent stake in the cannabis seller that includes warrants to increase its ownership to 50.1 per cent, according to a statement by the owner of Circle K stores.

The investment allows Fire & Flower to expand from the 23 cannabis outlets in Alberta, Saskatchewan and Ontario that it operates or licenses, Couche-Tard said.

Debate is raging as to whether there are any more substantial gains ahead for Canadian cannabis stocks.

The industry has been harshly handled by the market in the wake of Canopy Growth’s shock fiscal 2019 results, an ongoing regulatory investigation at CannTrust, and fears that profitability for many cannabis companies is a long way off.

The marijuana stock market has changed drastically in the past few months.

In only a short amount of time, we have seen pot stocks skyrocket into the billions of dollars in revenue.

Much of this has been in Canada, but recently, the U.S. has been able to take over a lot of the North American marijuana stock market.

This article focuses distinctly on the shifting market in Canada as it continues to change into the future.

Curaleaf under fire from FDA after mislabelling CBD products 

Cannabis indices were down on Tuesday after news that the largest multistate operator in the US could face legal action after allegedly claiming that its CBD products are an effective cancer treatment.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, sank 3.2% to hit 209.3 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF was also down, losing 0.8% to C$16.54. The OTCQX Cannabis Index shed 3.5% to 686.5 points.

If you pass the goats grazing on the hillside, you've missed it. Up a long country driveway at a ranch-style farm house in Ancaster, Ontario, there's no sign telling visitors they've arrived at Canada's largest licensed producer of organic cannabis. Just a badminton net. "We're trying to give it a Google-type feel," says co-founder Ian Wilms on a tour of the grounds. "Employees keep asking if we're going to start goat yoga soon."

Colombia, a nation long associated with cocaine production, drug trafficking, and narco-violence, is endeavouring to become a leading global producer of legal cannabis. The 2015 introduction of legislation legalizing the production and sale of medical marijuana has sparked a veritable green rush, as companies push to take advantage of the equatorial nation’s considerable advantages when it comes to agricultural production.

It also sparked considerable hyperbole about the potential held by Colombia to become a leading global cultivator because of its climate, rich volcanic soils, and low operating costs. Despite these advantages, it appears that Colombia’s legal cannabis industry is overhyped, and the nascent boom could end abruptly.

It's very possible that in a decade we, as investors, will look back on the cannabis industry as the greatest growth opportunity of our generation. After producing a mere $3.4 billion in legal worldwide sales in 2014, legal marijuana revenue neared $11 billion in 2018, according to the duo of Arcview Market Research and BDS Analytics.

Aurora Cannabis (TSX:ACB)(NYSE:ACB) is one of the most recognizable brands in the marijuana industry. However, the Edmonton-based pot grower has had a strained relationship with investors and analysts.

As evidence of this, Aurora was recently downgraded by a well-known analyst who, just a few months ago, was bullish on its prospects. But Aurora is still making strides in the industry — and its latest move is likely one that supporters and detractors alike can agree was a good one.

Aurora gets licences for two outdoor growing facilities

Aurora is already projected to be the top company in the industry in terms of production capacity. In this department, the firm is wiping the floor with the competition.