The end of the year was a large turning for the marijuana industry, as the year's events were instrumental in cementing the growth of the cannabis sector around the world. Specifically, in North America, many variables have fallen into place that have allowed for more favorable opinion surrounding cannabis. In turn, the trends towards accepting cannabis, and its countless uses, has allowed for companies in the space to attract investor attention. Following Canada's nation-wide legalization and the recent passing of the US Farm Bill, the nascent cannabis sector has shown exciting promise in terms of opportunities for investors looking to the space.

What happened

Shares of Neptune Wellness Solutions (NASDAQ:NEPT)rose nearly 19% today after the company announced that it had received a license from Health Canada to begin processing cannabis. (The Motley Fool contributor George Budwell announced the news before the company did.) The license allows the company "to handle dried cannabis, to manufacture and purify cannabis extracts and cannabis oil, and to sell its services to other license holders." 

2018 was a banner year for marijuana stocks across North America. Over the past 12 months, the Canadian Marijuana Index (managed by MJIC) is up 10%, while the S&P/TSX Composite Index is down 11.5%. Star performers were driven mostly by the wave of marijuana legalization across North America. This year, that wave could spread further across the world.

However, the exuberance of last year must be reconciled with reality sooner or later. The combined market value of all the marijuana companies listed on the market today is $48.7 billion. That’s one-fourth the estimated global market size of recreational and medical marijuana in 2030.

Marijuana penny stocks are trending green again this morning, as we kick off the second week of the new year! Major Canadian and US cannabis stocks are also climbing. Today, we’ll take a closer look at two marijuana penny stocks that are trending on the TSXV.

Origin House shareholders to ward off hostile acquisition offers

After receiving unsolicited offers from several unnamed cannabis companies, about one-quarter of Origin House’s shareholders have bandied together in a "voluntary voting support agreement" that protects the cannabis company from hostile takeover offers. BNN Bloomberg reports that Origin House’s move comes amid a recent uptick in M&A activity in the sector and a rash of new listings from U.S. cannabis companies that have raised $1.5 billion in capital in the first 10 months of last year.

It's time to turn over a new leaf. And for marijuana stocks, 2019 should bring several new leaves to turn over.

The big stories last year for marijuana stocks included recreational marijuana markets opening for business in California and Canada. But what will the important developments impacting marijuana stocks be in the new year? Here are three critical things to watch with marijuana stocks in 2019 -- and the stocks that should be most likely to benefit.

It has been a wild ride for marijuana investors. The industry is still in its infancy, and as such, investors can expect continued volatility. Now well off their 52-week highs, it may be time to look at re-investing in the sector.

It’s important to note, however, that most are still not yet profitable. Likewise, despite the recent downtrend, many are still trading at sky-high valuations. When looking at what pot stocks to invest in, there are a few criteria investors should take into account.

The cannabis industry took off with explosive gains in 2018, and even a late-year slump wasn't enough to dampen enthusiasm in marijuana stocks. Among the relatively few stocks that trade directly on major stock exchanges in the U.S., Aphria (NYSE:APHA) and Canopy Growth (NYSE:CGC) have emerged as potentially large players in the cannabis space.

The marijuana industry had a deluge of good news at the end of 2018. The U.S. Congress passed a farm bill legalizing CBD, a form of cannabis; marijuana was made legal for medical use and research in Thailand, a region known for its strict drug laws; and New York Governor Andrew Cuomo released a plan to legalize recreational marijuana in 2019.

With sudden changes in regulatory conditions, most pot stocks have experienced plenty of volatility throughout the year. Hexo Corp(TSX:HEXO) is no exception. While the stock has tripled since debuting in 2017, there have been plenty of 50% swings along the way.

The marijuana industry recently put the finishing touches on what was its most defining year ever. In 2018, Canada became the first industrialized country in the world, and only the second country overall behind Uruguay, to legalize recreational cannabis. In doing so, Canada opened the door to billions of dollars in added annual sales and, more importantly, declared the legal pot industry a legitimate business model.