The cannabis market has come a long way in recent years, and 2015 was no exception. While marijuana is still considered a Schedule 1 drug under the Controlled Substances Act, the US has allowed patients with a variety of medical conditions to smoke marijuana in 23 states since 1996, and this year more states have moved to legalize both medical and recreational cannabis.

For example, in February, Alaska became the third state to allow individuals to grow, smoke and possess cannabis for recreational use, while Oregon became the fourth in July. There have also been initiatives in the medical cannabis space, with both Texas and Georgia signing bills last year to legalize low-THC cannabis oil for the treatment of epilepsy and other chronic diseases.

Up north, Canada’s cannabis market had a major win in 2015 when the Liberal government won the federal election on October 19. Since the start of his electoral campaign, Justin Trudeau, the country’s newly elected prime minister, has made it clear that he will make legalizing marijuana...