The world's major alcohol producers can no longer ignore the pot phenomenon, as young consumers may increasingly swap beer and cocktails for joints and cannabis-infused drinks.

Some have decisively seized the moment. Constellation Brands, maker of Corona beer and Svedka vodka, has poured $4 billion into the Canadian marijuana firm Canopy Growth.

The coming market is "potentially one of the most significant global growth opportunities of the next decade," said Constellation Chief Executive Robert Sands. Sales of legal marijuana and related products should reach $200 billion within 15 years and the market is opening "much more rapidly than originally anticipated," he said.

Every now and then, a stock captures the attention of not just investors but the general public, too.

That's been the case recently for Tilray (NASDAQ:TLRY). 

The Canadian marijuana grower listed on the Nasdaq stock exchange in July. Since then, Tilray's share price has skyrocketed to well over six times its opening-day level.

At one point, Tilray was up a whopping 856% -- in just two months of trading. That kind of performance understandably attracted an enormous amount of attention. Now there's another marijuana stock that is beginning to turn heads. Could Pyxus International (NYSE:PYX) be the next Tilray?

Generally speaking, money tends to attract more money

The margin of safety that early “green rush” speculators were kind enough to afford Canopy Growth (TSX:WEED)(NYSE:CGC) has unquestionably helped the company to invest and develop industry-leading production facilities as well as its burgeoning online store Tweed Main Street.

That early mover advantage also probably helped make it the leading candidate as the “safe bet” when publicly traded companies — who have to answer to their shareholders on quarterly conference calls — decided that they were finally ready and willing to get in on the action.

It appears the waiting game employed by Aphria Inc (TSE:APH) (OTCMKTS:APHQF) (FRA:10E) CEO Vic Neufeld may be paying dividends. Pressed by impatient investors to partner-up with any number of interested transnational conglomerates, Mr. Neufeld appears to be slow-playing his hand in an effort to obtain the best deal. It seems to be working.

The all-stock purchase, which will give MedMen 10 additional dispensaries and licences for several more, is one of the biggest in the history of the legal weed industry, which has seen its value explode in recent weeks as Canada prepares to legalize cannabis for adult use next week. With regulations set to loosen in more U.S. states, and around the world, investors are pouring billions of dollars into marijuana companies.

MedMen, which is run from Los Angeles, currently has 16 marijuana dispensaries in the U.S., including in Los Angeles, Las Vegas and New York. With the acquisition of Illinois-based PharmaCann, MedMen will have 79 licensed cannabis facilities, including grow operations, in 12 states, the company said in a statement on Thursday.

Aurora Cannabis (TSX:ACB) stock has been picking up traction in recent months thanks mainly to increased speculation over who the company’s first major dance partner is going to be. Background discussions between Aurora and Coca-Cola have been the hot topic of late, and it’s making many cannabis investors increasingly euphoric.

Stefania Zilinskas knows she’s made an “incredibly risky” move.

The 34-year-old left her job as a securities lawyer at Blakes, Cassels and Graydon LLP in July after a five year tenure and a path to partnership. But Zilinskas says she gave up the chance to climb to the top of one of Canada’s biggest law firms to take a role in the fast-moving cannabis industry, joining Tidal Royalty Corp., a Toronto-based marijuana financing company, as its general counsel. “I was very happy at [Blakes]. I could have seen myself there for years and years,” Zilinskas said in a phone interview with BNN Bloomberg. “It’s really exciting to be in a completely new industry… I believe in the legalization of cannabis and the cultural and legal shifts that need to go along with that.”

Cannabis stocks continue to hold the attention of investors in the market. In less than a week Canada will become the second country in the entire world to have legalized recreational marijuana on a national level. Interest is still buzzing about which "traditional company" will be next to enter the space. So far we've seen companies like Molson Coors (TAP) and Constellation Brands (STZ) throw their hats in the ring through strategic investments into cannabis companies. Other reports suggest that soft drink companies like Pepsi or Coca-Cola may be interested as well.

It looks like the Marlboro Man may soon be into weed: Tobacco company Altria Group is reportedly considering buying a stake in Canadian cannabis producer Aphria.

Canada's Globe and Mail cited multiple unidentified sources in reporting Altria, maker of Marlboro cigarettes, had expressed an interest in acquiring a minority piece of the the pot producer. Details of the investment are still being worked out, but the idea would be to eventually hold a majority footing in the Canadian firm, according to the newspaper.

Leaders in the cannabis industry have spent the past year making strategic acquisitions and expanding their cultivation facilities in efforts to ramp up cannabis production. The capital required to complete these investments was raised in one of two ways: by issuing shares (equity) or by taking on loans (debt). In Canada, raising capital through debt can be advantageous as interest fees are expensed and reduce the amount the company pays in income tax. However, taking on too much debt can make a company a risky investment. Should a debt-bearing company’s cash flows drop significantly, there is a risk of defaulting on monthly interest expenses.