If you tried to buy edibles as stocking stuffers before the holidays but Manitoba stores were all out, you're not alone.

Several retail cannabis shops in Winnipeg have been in a pattern of selling out and re-stocking ever since edibles became legal Dec. 17.

"We have been kind of cyclically selling out of these products," said John Arbuthnot, CEO of Delta 9 cannabis stores, which have several retail outlets in the city. "Anecdotally, I mean, it was a very positive reception."

Staff at Tokyo Smoke and Tweed stores in Osborne Village indicated the same sort of trend in their shops late in December.

It's pretty safe to say that last year did not go as planned for a majority of marijuana stock investors.

The belief had been that cannabis stocks would push decisively into the green, led by skyrocketing dried cannabis sales in Canada, the subsequent launch of derivatives, and more legalizations in select U.S. states. But supply issues constrained legal product in Canada, derivatives launched two months later than expected (in mid-December), and high tax rates have stymied adult-use sales in a number of U.S. states. Ultimately, most pot stocks lost money in 2019, and may continue to do so in 2020.

Licensed producer (LP) Aurora Cannabis Inc.’s stock is set to drop to just $1, according to one analyst.

Michael Lavery of Piper Sandler sent a note to clients on Jan. 9, downgrading the Canadian cannabis giant to what amounts to a sell, and lowering the target price from $3 to $1.

Lavery noted weak sales in Europe and cash-related risks as substantial contributors to the note, as the company’s stock plummeted 4.3 per cent to $1.86 during Thursday’s session.

Walking through the neighbourhoods of Canada’s biggest cities, you are just as likely to hear conversations in Tamil, Punjabi or Mandarin as you are in English or French. This is not the case in many of the boardrooms of cannabis companies, which are still largely the domain of white men.

There are some notable exceptions. TerrAscend’s founder and CEO, Michael Nashat, immigrated to Canada from Egypt in the 1990s. Yet he is one of just two persons of colour currently heading up a Canadian cannabis producer. This lack of diversity is in stark contrast to Canada as a whole and may explain why so few Canadian producers have any meaningful, culturally specific marketing or outreach strategies.

Two years ago, Canadian cannabis companies were racing to scoop up international assets, from swaths of fertile land in southern Africa to cultivation licences in Jamaica and everything in between.

Now, with fears of a cash crunch looming over the industry, some of the same producers who spent tens of millions to build an international presence have started dialling back, putting projects on hold or divesting of their foreign operations altogether.

And it’s a trend that some pot analysts expect will only intensify over the next 12 months.

Over the past year, we have seen some shifts in the market that has impacted marijuana stocks. The majority of these changes have been political. Given that the cannabis industry as a whole is based on the changing politics around the world, staying up to date on current events is an important factor. In order for the cannabis industry to continue to flourish in the upcoming years, it seems as though we need to see some large scale legal changes echo throughout the market. In places such as the U.S., we are still waiting on national legalization of marijuana.

Carry the Kettle Nakoda Nation (Ceg-A-Kin Treaty 4 Territory near Sintaluta, Saskatchewan) is partnering with Surrey, B.C.-based licensed producer (LP) Indigenous Bloom with plans to form a wholesale cannabis business on reserve land.

It is the first official partnership with a First Nation from Saskatchewan for Indigenous Bloom.

Carry the Kettle, which bought the land and its accompanying grow facilities years ago, intends to build the new facility at the location formerly occupied by Indian Head Tree Nursery. The 350,000 square-foot property was allocated as reserve land last month.

There's no denying that marijuana stock investors were thrilled to see 2019 come to a close. After beginning with epic first-quarter gains, which saw more than a dozen pot stocks rise by at least 70%, cannabis stocks have since been stuck in a nine-month freefall.

The next wave of cannabis retailers in Ontario will soon be felt across the province, with dozens of the 42 approved applicants completing the required 15-day public notice period and poised to open their doors in the coming months.

As reported in 2019, Ontario will soon start authorizing 20 new stores a month, meaning there could be close to 250 stores up and running by the end of next year.