It's game on for the Canadian cannabis industry. 

Hours after Aphria Inc. and Tilray Inc. formally announced their blockbuster merger that would create a global cannabis powerhouse, some cannabis producer CEOs received a deluge of messages from several Canadian investment bankers wondering if they'd be interested in a deal of their own.

"The phone is ringing off the hook," said one cannabis producer CEO who declined to be named given the discussions with the bankers are preliminary. 

"You can see the writing on the wall. I've heard from at least four bankers this morning if I'd be interested in any deals." 

Aphria Inc. and Tilray Inc. confirmed early Wednesday they have agreed to join forces in a blockbuster deal uniting two of the biggest names in the legal cannabis industry. The announcement follows BNN Bloomberg’s reporting Tuesday afternoon that the two sides were in advanced negotiations.

Under the terms of the agreement, each Aphria share will be exchanged for 0.8381 of a Tilray share, while Tilray shareholders will retain their existing shares. As a result of the exchange ratio, Aphria shareholders will own 62 per cent of the combined company’s common shares.

Canadian cannabis producers are likely to scale back their investments in Europe as they come under pressure to cut costs and deliver profit, two industry consultants said in a report released on Tuesday.

Depending on the pace of legalization, the market for European cannabis could grow at a compound annual rate of 52% for the next five years, hitting US$3.1 billion in sales by 2025, research firm Brightfield Group and consultancy Hanway Associates said.

They, however, projected the current market at just a tenth of that value and said some Canadian companies may choose to follow two of the sector's big players - Aurora Cannabis Inc and Canopy Growth Corp - in trimming spending outside North America.

U.S. Cannabis Stocks Keep Looking Bullish

The executive in charge of Canopy Growth Corp.'s global beverage unit is leaving less than a year after he joined the company, a high-level departure that comes as the pot giant looks to ramp up sales of cannabis-infused drinks to the Canadian recreational market. 

Andrew Rapsey joined Canopy in January and took on the role of global head of beverages in August. He announced in a LinkedIn post on Wednesday he is leaving the company and plans to return to Alphabet Inc.'s Google in 2021. 

"As I gear up for 2021, I have decided to head back to Google Canada for some unfinished business with a marketing team I adore," Rapsey said in the post. 

In a big debate, there will always be information out there to support both sides. This doesn’t mean the quality of information will be the same, but it does mean there will be a represented argument. When it comes to the age at which people should be allowed to use cannabis without risking health concerns later in life, a recent Canadian study was done assessing the different starting ages for using cannabis. In so doing, it raises the question, is cannabis worse than alcohol?

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These marijuana stocks made investors rich in November. Here's why they'll do it again.

A "Green Wave" is sweeping across North America. In November, voters in four states cast their ballots to legalize recreational marijuana, which will open up new cannabis markets in Arizona, Montana, New Jersey, and South Dakota. The North American legal marijuana market will likely reach $19.1 billion by next year and then grow at double-digit percentages annually.

There are certain pot stocks that are best-positioned to capitalize on the current cannabis craze. Here's why Aphria (NASDAQ:APHA)(TSX:APHA), Trulieve Cannabis (OTC:TCNNF), and Acreage Holdings (OTC:ACRGF) are the best pot stocks to buy this December and hold for a long time.

Medical cannabis was legalized in Colorado in 2000, but 20 years later, Camille Stewart, MD, isn't able to prescribe it to her patients. Nor is she able to dictate the dosage or frequency with which patients take the drug.

That's because of the weird limbo in which medical cannabis exists. Although it is legal in many states, cannabis still is classified by the federal government as a Schedule I drug with no current acceptable medical use and a high potential for abuse. That puts it in the same category as heroin, LSD and MDMA (ecstasy).