In just a matter of days, we'll be closing the curtain on 2019, which turned out to be an incredibly good year for the broad-based markets, and an abysmal year for marijuana stock investors.

Everything began well, with cannabis stocks leading the charge throughout the first quarter. But the wheels, and everything else that wasn't welded on, soon fell off the wagon. Persistent supply issues throughout Canada, high tax rates in a number of recreationally legal U.S. states, and a resilient black market have made investing in pot stocks particularly painful in 2019.

One week from today, we'll enter a new year and a new decade, which for marijuana stock investors can't come a moment too soon. Although cannabis stocks have been on fire for years, 2019 was the first reality check for investors in some time.

Following an incredible first quarter that witnessed more than a dozen pot stocks rise by at least 70%, the subsequent nine months since the end of March have been spent in a seemingly never-ending downtrend. Supply issues throughout Canada and high tax rates in select U.S. states have squashed any near-term hope of profits for pot stocks and made cannabis the proverbial lump of coal left in the stockings of those who misbehave.

The holidays are here, meaning Canadians will be celebrating with family, taking some much deserved time off and gearing up for the new year. 

It's also, coincidentally, when new cannabis products will be trickling onto the market. 

Edibles, beverages, vapes and topicals – such as lotions – became legal for sale in Canada on Dec. 17, but they all have different intoxicating effects. 

They also have wide ranging levels of potency, depending on whether you're eating a cookie or vaping. 

And if you're hosting a party you could be at risk of significant legal liability if you're not careful, so experts have provided some tips to navigate this uncharted territory.

The stage appeared to be set for the cannabis industry to thrive in 2019. Canada had legalized recreational marijuana and was less than a year away from bringing high-margin derivative products to market, while a number of U.S. states (e.g., New York and New Jersey) looked to be close to legalizing adult-use weed. This was supposed to be the year that the green rush "delivered the green" -- but it wasn't meant to be.

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Want to spice up your sex life with Wonder Woman or curl up with The Golden Girls? Tough luck: Canadian cannabis consumers couldn’t buy these rare cannabis strains on the regulated market in 2019.

The Cannabis 2.0 market has officially arrived. Canadian cannabis producers were able to begin shipping cannabis derivatives products on Dec. 16, exactly 60 days after the new Health Canada regulations governing cannabis derivatives products went into effect on Oct. 17. 

While there probably won't be significant sales activity until early 2020, the Cannabis 2.0 market opens up a significant new growth opportunity for Canadian cannabis companies. Which Canadian marijuana stocks will benefit the most? Here's my ranking of the top five most likely winners.

While many Canadians have focused on the supply problems and overly optimistic business projections that have marred Ottawa's marijuana legalization project, it's also left behind some international loose ends that still haven't been tied up.

Not all other countries have accepted Canada's right to forge a new path on cannabis law. And the ending of Canada's 95-year ban on cannabis appears to have accelerated the demise of a worldwide consensus and treaty regime that, for decades, underpinned the global war on drugs.

Canada was the first major economy in the world to legalize cannabis in 2018, giving it a headstart in establishing a competitive cannabis business marketplace.

But now some are saying the winds are shifting and the U.S. is catching up and becoming a more attractive place to build a cannabis business.

Part of this change has to do with criticism of investment practices in Canada.