Last year, the marijuana industry made history at practically every turn. We witnessed Canada become the first industrialized country in the world to legalize recreational cannabis, saw the U.S. Food and Drug Administration approve its very first cannabis-derived drug, and even had a pot stock go the initial public offering route on a major U.S. exchange.

The 2020E industry average EV/EBITDA multiple is currently 29.9x and the four stocks we identified have an average of 15.9x. A low EV/EBITDA multiple among its peers can potentially mean that a company is undervalued.

Now, one of those companies – WeedMD – is opening a head office in London, the first cannabis firm to be headquartered the city.

WeedMD, a marijuana grower with operations in Strathroy and Aylmer, is converting a Victorian home near Richmond Row into its new corporate office.

Around 20 people will work out of the space at 232 Central Ave. – a two-and-a-half storey brick house overlooking Victoria Park – including chief executive Keith Merker, chief financial officer Nichola Thompson and the company’s finance team.

Marijuana may be "just a plant," but it has Wall Street and investors seeing green and grinning ear to ear at its long-term growth potential.

Long considered a taboo topic, cannabis has forced its way into the mainstream. In the United States, where favorability toward broad-based legalization stood at just 25% in 1995, an all-time record number of people (66%) now want to see marijuana legalized nationally. This growing support is a big reason why there are now 33 states that have given medical cannabis the green light, and 10 of those states have also given the OK to recreational pot.

Since legalization last year, marijuana stocks have been on an unprecedented growth spurt. The combined valuation of all the stocks in the industry has ballooned multiple times since the bill was first introduced in parliament.

However, as investors have poured billions into the top producers and sellers, savvy entrepreneurs have been working on building the infrastructure the ecosystem desperately needs. The best example of this is Toronto-based tech startup Namaste Technologies (TSXV:N).

Moosehead Breweries Ltd., one of Canada’s largest brewers, is getting into the cannabis business.

The Saint John, N.B.-based brewer announced it plans to form a joint venture with Sproutly Canada Inc., a cannabis producer and extractor, to develop pot-infused beverages that will be released later this year in the Canadian market.

“With the anticipated legalization of edibles in Canada later this year, Moosehead has made the strategic decision to enter the cannabis beverage market,” said Andrew Oland, CEO of Moosehead, in a release. “As one of the oldest brands in Canada and a leader in the beer category, we believe we are uniquely positioned to be a leader in the cannabis beverage category.”

Organigram Holdings Inc. sold the second-most amount of recreational cannabis in Canada, after only Canopy Growth Corp. , in the most recent quarter. It sold twice as much pot as rival Aphria Inc. That success isn’t showing up in Organigram’s (ticker: OGRMF) valuation, though—the market cap is 5% of Canopy’s (ticker: CGC, WEED) and half of Aphria’s (ticker: APHA), according to FactSet data.

Hilary Black has been a passionate lawbreaker since she graduated from high school. Today, she sits in the C-suite of the world’s largest cannabis company.

As chief advocacy offer at Canopy Growth Corp. (WEED.TO 3.19%), with a market value of about $23 billion, Black works to improve patient access to medical marijuana globally by lobbying to ease laws and regulations, educating health professionals and working with care groups.

The transition to a big corporation hasn’t gone down well with some other activists, but Black sees it as the best way to take her fight to the global stage.

Cannabis now falls under Health Canadaregulations, like any other consumable product. That means more business for lab-testing companies because growers, and producers of capsules, oils and other cannabis-based products, must have their products tested by licensed labs to determine potency and the presence of heavy metals, pesticides, yeast and mould.

A couple of dozen independent labs across Canada are licensed to test cannabis products. But there has been a trend lately where bigger players in the medical marijuana industry are not content to merely contract out their testing and research. They have been acquiring testing and research labs to bring that expertise in-house.

Investors have been watching the marijuana industry as a hotbed of activity for months now, and 2019 has been extremely good to the top players in the fast-growing cannabis space. For those willing to buy individual marijuana stocks, a rising number of companies available to U.S. investors on major stock exchanges have offered new opportunities.