What happened

Shares of Canopy Growth (NYSE:CGC) were jumping 11.1% higher as of 3:25 p.m. EST on Monday. That nice gain trailed behind that of HEXO (NYSE:HEXO), which was up by 12.7%. Aphria (NYSE:APHA), Cronos Group (NASDAQ:CRON), Organigram Holdings (NASDAQ:OGI), and Tilray (NASDAQ:TLRY) were also up by 8.4%, 9.3%, 9.4%, and 8.7%, respectively. The only one of the top six Canadian pot stocks that wasn't moving significantly higher was Aurora Cannabis (NYSE:ACB), with its shares up only 2%.

But none of these Canadian cannabis producers announced any news today, so what lit a fire beneath their stocks? The best guess is that it's a combination of several factors. Both Aphria and Organigram announce their latest quarterly results tomorrow. Investors could be looking for positive news about the Cannabis 2.0 market launch. Canopy Growth's new CEO, David Klein, takes the helm tomorrow as well.

There's also a real possibility that investors think that the beaten-down valuations of stocks in the cannabis sector are ready to bounce back. The Cannabis 2.0 market and the expansion of pot retail infrastructure in Ontario could be fueling increased optimism.

Cannabis leaf in front of a Canadian flag

Image source: Getty Images.

So what

Volatility for marijuana stocks, even when there's no clear news catalyst, is not unusual. Perhaps the main takeaway from today's jump is that there truly seems to be more optimism in the air than there was in the last half of 2019.

Although neither Aphria nor Organigram will report Cannabis 2.0 sales in their quarterly updates tomorrow (their quarters ended before products began shipping for the new market), their management teams could provide reason to be hopeful for a strong 2020. Expect a more bullish tone about the opportunities in Ontario as well.

Investors cheered the announcement that David Klein would be Canopy Growth's new CEO. Klein, who previously served as CFO for Constellation Brands, Canopy's partner and largest shareholder, is expected to bring much-needed financial discipline to the company.

So why didn't Aurora perform as well as its peers? Probably because investors remain worried about its balance sheet, and the prospect that it could have to raise additional capital in ways that dilute the value of existing shares -- even more than they're already diluted.

Now what

Tuesday will be an important day for the entire Canadian cannabis industry. The clues that Aphria and Organigram give about how the Cannabis 2.0 market is going so far will be important for every Canadian marijuana stock. But after a tumultuous 2019, it's quite possible that 2020 will be a much better year.