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Actionable news in ZYNE: Zynerba Pharmeceuticals Inc,

54 Stocks Deep in the Weeds

Cannabis continues to light up Main Street in both the U.S. and Canada. Twenty-eight U.S. states and the District of Columbia now have approved medical marijuana programs; eight—Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon and Washington, plus the District of Columbia—have legalized marijuana for recreational use. Medical marijuana is already allowed throughout Canada, and in mid-April the Canadian government unveiled its framework for fully legalizing recreational use by July 1, 2018.

Meanwhile, the market capitalization of the stocks in the Bloomberg Intelligence Global Cannabis Competitive Peers Index—an equally weighted index of 54 stocks with significant exposure to cannabis-related operations—tripled since the start of 2015.

Adding to the buzz has been a wave of M&A activity in the sector: Pharmaceuticals are on track to reach a record number of M&A deals, driven largely by companies eager for more supply or products. This year, for example, Canopy Growth Corp., itself a producer of...