A large supply agreement with Tilray powered a Canadian cannabis stock sharply higher Tuesday. Here’s some small stocks making big moves on Tuesday, July 2, 2019 (as of 4 pm EST):

Zenabis Global Inc. (TSX:ZENA), a Canadian cannabis stock, moved as much as 18% higher on Tuesday after announcing that it has entered into an agreement with High Park Holdings Ltd., a wholly-owned subsidiary of Tilray, Inc., pursuant to which High Park will advance C$30 million to Zenabis in return for a supply of dried cannabis from Zenabis. The Company will deliver a monthly quantity of dried cannabis to High Park beginning in October 2019.

Beleave Inc. (CSE:BE) (OTCQX:BLEVF), one of the Canadian cannabis stocks, after Friday’s closing bell released restated Condensed Interim Consolidated Financial Statements for three and nine months ended December 31, 2018. The updated financial results show a revenue increase of 7.2% in the nine months ended December 31, 2019, and a 3.2% decrease in the net loss for the same period.

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Canadian pot producer Canopy Growth (CGC) has a market value around $9.5 billion, helped by a huge investment from Corona parent Constellation Brands(STZ) and control over a big chunk of Canada's recreational weed market.

Heading into June, Quebec-based cannabis producer Hexo (TSX:HEXO) was having a strong year in the markets — up more than 60% on the year. Then it reported third-quarter earnings June 14, and some of the shine came off its stock.

Hexo finished the month of June down 19%. Here’s why. 

Hexo’s revenue in the third quarter was $13.02 million — 2.8% lower than its revenue in the second quarter. Meanwhile, some of its Canadian rivals such as Canopy Growth and Aurora Cannabis delivered sequential growth in their most recent quarterly reports. 

In addition, the consensus estimate for the third quarter was $14.8 million; Hexo missed that by $1.78 million. Again, investors weren’t impressed. 

Investing in stocks that are rising in value is a good strategy because it means there’s a lot of excitement surrounding the companies. And as long as the stock prices haven’t gotten too expensive, it could be a good option to invest in as the momentum could carry them even higher in value. Below are three stocks that were some of the best-performing stocks in June that could still be great investments today.

Canopy Growth (TSX:WEED)(NYSE:CGC) is still the undisputed king in the marijuana world. Cronos Group (TSX:CRON)(NASDAQ:CRON), whose size is less than half, remains a key player that stands a chance of dethroning the ruler.

CRON is a popular stock in the U.S., as it is the first Canadian cannabis company to up-list from the over-the-counter market to the global market. You can say that Cronos is the upstart responsible for creating awareness in American investors about the growth potentials of the weed sector.

The marijuana industry is expected to see up to $75 billion in global (legal) sales by 2030, and it has dozens upon dozens of pot stocks for investors to choose from. But when it comes to popularity, no marijuana stock is more actively held by investors than Aurora Cannabis (NYSE:ACB).

Cam Battley believes that in the not-too-distant future, his company — one of Canada’s largest licensed producers — will be exporting a “significant chunk” of the cannabis it is growing domestically.

“We have a massive market over in Europe, even in Latin America,” says Battley, chief corporate officer at Aurora Cannabis Inc. “These countries are legalizing medicinal cannabis one by one but they’re not growing as much as us. They’re going to need product, and we’ve already got the ball rolling on exporting.”

There was more than a little doubt as to whether Canopy Growth (TSX:WEED)(NYSE:CGC) would surprise investors with profitability ahead of its most recent quarterly results. Even so, when a report marred by a drop in sales and a weak gross margin result landed on news desks, the share price fell accordingly.