And while many Canadians may be celebrating their ability to freely use the drug, the coming legalization had been a boon for producers operating in the country as their market values exploded amid increasing interest from investors.

Canopy Growth, for example, has seen its market capitalization grow 128% to $12.2 billion after Constellation Brands — the beverage giant behind Corona beer and Svedka vodka — announced a $4 billion investment. Its rival Tilray has seen its market value explode by 555% over that time after making various supply deals.

On Tuesday, analysts at Benchmark said Canada's recreational cannabis market could reach 10.5 billion Canadian dollars by 2023 and suggested that Tilray would continue to lead the pack.

"We expect Tilray to acquire a meaningful share of the Canadian cannabis market based on initial supply agreements and through its first mover advantage in building production scale and strengthening national brands and products across a broad and expanding category," the analyst Mike Hickey said. He has a $200 price target for the stock — 26% above where shares settled Tuesday.