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News on cannabis stocks and on developments in the industry haven’t let up in today’s volatile markets. Here are the stories that we believe will mean most to you as a Canadian investor.

1. Aurora Cannabis led the industry this week in releasing its earnings, the producer reporting second quarter revenue that surpassed the consensus estimate.

The Edmonton-based grower saw revenue of $54.2 million for the three months ended December 31, 2018. That’s up a whopping 363% from a year earlier, and surpasses the consensus estimate of $52.6 million. The revenue also captures the first two and a half months of Canada’s legal recreational market, which opened on Oct. 17, 2018.

Still, Aurora reported a $237.7-million loss compared to the $7.7-million it made a year earlier. The company says the loss reflects “operating inefficiencies” and higher labour costs.

Canopy Growth Corp. is among those industry leaders also due to report this week. It releases its earnings on Thursday. Together, those revenue numbers should provide the first snapshot of the sales potential for Canada’s cannabis market. Still, analysts suggest supply and distribution challenges for many producers in the weeks following legalization likely capped their growth.

Still, their earnings will help investors “gain a window into how the overall Canadian adult-use market is progressing,” writes Eight Capital analyst Graeme Kreindler, “as well as the relative ability for (them) to execute and gain market share early on.”

2. Long-established small cannabis producers in B.C. are looking at the possibility of forming cooperatives—a way of scaling up to compete with large growers and of sharing costly regulatory expenses.

“We’re very focused on making sure that B.C. remains a world leader in the area,”

says Barinder Rasode, co-founder of cannabis business accelerator Grow Tech Labs. “Some may argue we’ve lost our place to either Ontario or Alberta based on the number of licensed producers based out of those provinces.”

Rasode has travelled the province speaking with small producers who have been growing marijuana long before legalization. Many have complained that entering the legal market is too costly and the regulations are too complex.

Grow Tech Labs and Victory Square Technologies have now launched a cannabis co-operative that will lead consultations with small producers and processors in B.C. Others have also started building co-ops.

3. One high-end U.S. department store has now partnered with a California cannabis brand to open a “luxury cannabis and wellness shop” within its flagship Beverly Hills store.

When it opens in March, “The High End” boutique at Barneys will sell marijuana accessories, including rolling papers, pipes, ashtrays, bongs and storage boxes.

It won’t, however, sell cannabis, itself. While California has effectively legalized recreational cannabis, all dispensaries must be licensed with the state.

Barneys’ willingness to partner with a cannabis brand reflects the growing acceptance of pot use across California, but also the U.S.

“This will appeal to our core customer,” said Matthew Mazzucca, creative director of Barneys. “Our brand really looks at creating dialogue and focusing on cultural shifts.”

4. Provinces with the highest rate of legal cannabis consumption have yet to see alcohol sales fall as a result.

In P.E.I., cannabis sales reached $13.83 per resident for the first six weeks of legalization. Still, provincial liquor stores in the last quarter of 2018 were up 2.2% from a year earlier.

New Brunswick had similar results: Its alcohol sales in the last quarter of 2018 also rose despite high levels of cannabis consumption following legalization on October 17.

Still, a recent poll of Canadian cannabis users suggests they may ultimately lower their alcohol use in favour of pot.

The Ipsos survey, conducted on behalf of Global News, suggests 45% of cannabis users plan to drink less now that marijuana is legal.

Their thinking may mirror what one U.S. study found when it looked at alcohol sales in counties where marijuana was legal. That research suggests alcohol sales tend to fall once the prohibition on pot ends.

5. An Oregon senator is now proposing legislation that would give U.S. states the right to set up legal cannabis markets without the threat of federal criminal intervention for the industry.

The proposal by Sen. Ron Wyden is identical to a bill in the House of Representatives. Both bills aim to ease the conflict between federal laws and those of states that have legalized cannabis use.

“The federal prohibition of marijuana is wrong, plain and simple,” says Democrat Wyden, in a statement. “Too many lives have been wasted, and too many economic opportunities have been missed.”

It’s unclear whether Wyden’s bill can garner enough bipartisan support in the Republican-controlled Senate. The House bill may stand a better chance of attracting the necessary support.

The Democratic majority in that chamber of Congress appears more open to considering proposals to ease federal restrictions on marijuana. It has scheduled a hearing this week to debate a bill intended to make banking services more widely available for pot companies.