Get ready for more smoking hot cannabis deals now that valuations are well off their peaks hit late last year. 

The adjusted average enterprise value to EBITDA multiple based on 2019 analyst estimates for 40 cannabis stocks tracked by Echelon Wealth Partners sits at 15.6 times compared to 22.7 times in Dec. 2017. With valuations more attractive, investors could refocus their attention to the cannabis industry's growth prospects rather that fears of a sharp correction.

At last count, 23 states and the District of Columbia have passed laws allowing some degree of legal marijuana use. Globally, at least 25 countries allow marijuana use in varying degrees of legality. According to Ameri Research Inc., the global legal marijuana market was valued at $14.3 billion in 2016, and is forecast to grow at a compound annual growth rate of 21.1% between 2017 and 2024.

That suggests global cannabis industry sales at an impressive $63.5 billion in 2024.

The smart money in cannabis may take their cue from one massive weed deal on Monday. 

Toronto-listed Aurora (ACBFF) announced Monday that it had agreed to buy MedReleaf Corp. in an all-stock transaction valued at approximately C$3.2 billion ($2.5 billion). The deal is the largest in the cannabis sector to date and Aurora's eighth transaction in just over a year.

The Deal's co-editor Michael Brown contributed to this story.