Coming into 2019, marijuana stock investors had a lot to look forward to. Canada had become the first industrialized country in the modern era to legalize recreational cannabis in Oct. 2018, derivative pot products were expected to hit Canadian dispensaries later in 2019, and a number of U.S. states appeared to be on the verge of adult-use legalization. This was supposed to be the year that cannabis stocks turned the corner to profitability and really matured.

Unfortunately, this vision hasn't been anywhere close to reality for the weed industry in 2019.

We now have less than a week to go before we say goodbye to 2019, and the year can't end soon enough for marijuana stock investors.

When 2019 began, the expectation was that this would be the year the cannabis industry really matured. Sales were expected to skyrocket with Canada allowing recreational weed sales and derivative pot products positioned to hit dispensary shelves during the fourth quarter. But as the year played out, these projections turned out to be nothing more than a pipe dream, with the end result being billions of dollars lost by pot stock investors.

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.

This was supposed to be the year that marijuana stocks went from being perceived as a speculative investment to something that long-term investors would be proud to add their portfolios. And it certainly looked as if that would be the case after the first quarter. Through the end of March, the Horizons Marijuana Life Sciences ETF, the first cannabis-focused exchange-traded fund, had gained more than 50% for the year.

Then everything fell apart.

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.

Alberta has emerged as the exception to the national trend of a struggling legal cannabis market. It has almost as many retail stores licensed as all other provinces combined, with sales that rival those of Ontario or Quebec despite having a fraction of their population.

ntario has an opportunity to be a global leader in cannabis, an opportunity that comes with thousands of jobs and considerable economic growth. With province recently putting an end to the retail lottery system for stores and the arrival of legal edibles, extracts and topicals, the province is at an exciting crossroads. If the government continues along a path of reform and develops a strategic policy and regulatory regime now, we could do more to thwart the illicit market and give Ontario a competitive advantage.