Tilray Inc (NASDAQ:TLRY) was one of the stars of last year’s marijuana madness. During the rally kicked off by Canopy Growth Corp’s (TSX:WEED)(NYSE:CGC) $5 billion acquisition, Tilray actually briefly eclipsed Canopy itself, going on a 750% rally that sent its market cap to unprecedented levels. At the time, there was a lot of hype surrounding the company, a recent IPO that had the blessing of some high-profile Silicon Valley venture capitalists.

Last year, the marijuana industry broke down more than a dozen barriers. We witnessed an industrialized country legalize recreational pot, saw the U.S. Food and Drug Administration approve the very first cannabis-derived drug, and watched as numerous marijuana stocks uplisted from the over-the-counter exchange to either the New York Stock Exchange or Nasdaq.

But after a year of promises, 2019 and beyond will feature a new focus. With the industry blossoming under the umbrella of legalization through much of North America and Europe, it's now up to pot stocks to deliver the green. In other words, operating results actually matter now.

Village Farms International (TSX:VFF)(NASDAQ:VFF) has been one of the best performing pot stocks since the beginning of the year. Equity markets have been on fire, and many marijuana companies are performing well, but Village Farms’ year-to-date 200% jump in share value dwarfs that of most of its peers.

As a result, the marijuana company has been getting an increasing amount of attention among investors trying to pounce on the growing cannabis market. Is Village Farms’ recent performance a fluke? Or is the firm a good buy at the moment?

The much-maligned Aphria Inc. (TSX:APHA)(NYSE:APHA) is notably beating the odds of late. This $2.3 billion producer and seller of medical cannabis almost got delisted from the TSX two years ago on allegations of non-compliance to listing requirements. Short selling issues also hounded the Leamington-based firm.

However, the dust has settled and Aphria remains on the big board, both in Canada and the U.S. Now that the turbulence is over, the excitement is back. Investors are taking Aphria more seriously this time. The growth potential is there given the positive developments happening in the present.

The positive action continues for shares of OrganiGram Holdings Inc (OTCMKTS:OGRMF). The stock moved back above its 50-day simple moving average to close out last week, with volume in the tape showing some positive signs as well. In addition, the company just announced that it has received an expanded cultivation license from Health Canada in line with its previously announced Phase 4A and 4B expansion plans for its Moncton Campus.

The marijuana industry is looking like it could be one of the greatest growth stories of our generation. Having long existed behind the scenes in the black market, the now-legal pot industry is budding, and it has quite the audience in Wall Street.

Last year, the global legal cannabis industry generated $12.2 billion in sales -- and this is just the beginning.

Depending on your preferred Wall Street investment firm, the legal pot industry is capable of between $50 billion and $75 billion in worldwide sales by the end of next decade, and perhaps $130 billion to $166 billion in peak yearly sales (although no specific time frame was provided).

Some marijuana stocks are hot. And some are not. HEXO (NYSEMKT:HEXO) definitely falls into the former category. Its shares have more than doubled so far this year. MariMed (NASDAQOTH:MRMD), on the other hand, isn't so hot in 2019. Although the stock soared 371% in 2018, MariMed is down 3% year to date. But which of these two marijuana stocks is the better long-term pick for investors? Here's what you need to know about HEXO and MariMed.

When it comes to investing in the marijuana industry, production isn't everything. But let's be clear -- it's still a really important piece of the puzzle. But what's arguably more important than simple peak production is how well cannabis growers convert their licensed square footage into yield. In other words, efficiency is king.

With a population size of 740 million people, Europe’s population dwarfs both Canada and the U.S combined. The sizable growth the cannabis industry has had over the past 12 months can be attributed to six countries that have announced medical cannabis legalization.

So far, over €500.0M has been invested in European cannabis businesses (Prohibition Partners, 2019). It is predicted that Europe over the next five years will be the largest legal cannabis market in the world and could be worth up to €123.0B by 2028. Today we have identified four Canada-listed cannabis stocks with promising operations in the European Union (EU).

Nearly everything that could go right has done so for Canopy Growth (NYSE:CGC). On the other hand, nearly everything that could go wrong has done so for Aphria (NYSE:APHA).

The stock performances for the two Canadian marijuana producers sort of show it, with Canopy's shares more than doubling over the last 12 months and Aphria's shares sinking nearly 20% during the period.

However, the past, whether good or bad, doesn't necessarily translate to how well a company and its stock will perform in the future. Which of these two marijuana stocks is the better pick for investors now? Here's how Canopy Growth and Aphria stack up against each other.