Last year will likely go down in the record books as being the most important in the history of the legal cannabis movement. By the time the curtain closed on 2018, Canada had legalized recreational marijuana, a handful of additional U.S. states had given marijuana the green light in some capacity, and the U.S. farm bill had been signed by President Trump, thereby legalizing hemp and hemp-based cannabidiol. The legal cannabis industry gained validity like never before and became a legitimate business model for investors.

The ETFMG Alternative Harvest ETF (MJ) — the first and only pure ETF targeting the cannabis/marijuana industry — launched a year ago and has been on a roller coaster ride as it replaced Bitcoin and crytptocurrencies as the latest market sector to experience a bubble then pop. Year to date the fund is down 22.4%.

All the fund's cannabis stocks are Canadian companies. So, both the fund and the stocks rallied in the run-up to Canada legalizing recreational marijuana on Oct. 17, hitting an all-time high (pun not intended) of $40. Since then, the combination of the stock market taking a dive and cannabis producers reporting weak earnings, has sent the fund's shares tumbling 38% to close the year at $24.95.

You'd think that 2018 would have been a huge year for Canadian marijuana stocks. The recreational marijuana market in Canada launched in October. Several Canadian growers experienced revenue growth from the German medical marijuana market. New markets opened, including the United Kingdom, which legalized medical cannabis this year.

Plenty of marijuana stocks experienced tough times in 2018. Not Cronos Group (NASDAQ:CRON) and Origin House(NASDAQOTH:ORHOF). Cronos is on track to gain close to 50% for the year, while Origin House should finish 2018 up more than 30%.

The factors behind these two stocks' strong performances in 2018 should continue to be important in the future.

But which is the better pick for long-term investors? Here's what you need to know about how Cronos Group and Origin House stack up against each other.

Aphria (TSX:APHA)(NYSE:APHA) stock skyrocketed 14% on Friday after a smaller U.S.-focused cannabis player announced its intention to make an all-stock hostile takeover bid on the troubled low-cost marijuana producer, but I find the company’s December 27th corporate governance change a more compelling move that deserves investor celebration.

Aphria announced the removal of founder Vic Neufeld from the board chair position, effective immediately, and the appointment of Irwin D. Simon as his replacement in an attempt to advance the “company’s governance best practices, with the board now comprised of 10 directors with a majority, or six directors, that are independent.”

Much of the excitement in the world of marijuana stocks focused on Canada in 2018. But that could change with the new year. Investors might want to look more to the U.S. in 2019 for several reasons.

The legalization of hemp (which, by definition, is cannabis that contains low levels of psychoactive compound THC) could open the way for a much larger hemp-based cannabidiol (CBD) market in the U.S.

Several new marijuana markets in U.S. states should mature in 2019 -- with new markets also launching in other states. And there's a distinct possibility that efforts to revise federal laws to recognize the authority of the individual states to enforce their own marijuana laws could succeed.

You’ve heard of Big Pharma and Big Tobacco. How about Big Marijuana?

The drug’s growing legalization is raising concerns among small-scale marijuana farmers and retailers that the corporatization of weed may be right around the corner.

Shares of Medmen Enterprises Inc (OTCMKTS:MMNFF), are testing key potential support as we enter the action this week. To further flesh out the story here, the company just announced that, further to the binding letter of intent in respect of a business combination transaction announced on October 11, 2018, they have entered into a definitive business combination agreement pursuant to which MedMen and PharmaCann will combine their respective businesses.

2018 marks a historic year for the cannabis industry, with Canada becoming the first G7 nation to federally legalize marijuana for recreational use. The year began strong for cannabis stocks, following a strong rally that began in the fall of 2017. However, a stock market correction saw significant declines in cannabis stocks, along with other major indices in mid-January.

The cannabis sector is set to be one of the most explosive industries in the world today and has the potential to grow to $146bn by 2025. It should come as no surprise that companies are partnering up to fight for a piece of this emerging industry. Whether it's via a joint venture or buying of stocks, teaming up is a good way of capitalizing on all that potential.

A number of enterprises have been watching the cannabis sector with keen interest. Especially after Canada finally implemented full legalization of recreational cannabis. In particular, three industries normally considered sluggish are taking this opportunity to revitalize their offerings.