A wild day of trading ended with the Dow scoring a new record close after dipping more than 50 points into the red and spiking as much as 100 points at market open.

Driven mainly by a roller coaster of earnings, we've heard a lot about large caps like Netflix (NFLX) - Get Report  , General Electric (GE) - Get Report  and Comcast (CMCSA) - Get Report  in this current market.

But there's one part of the market that is exploding and many simply aren't talking about it, because many investors aren't willing to take the leap. For those that have, it's paid big dividends.

I'm talking about the legal marijuana industry (both medicinal and recreational) that is taking off around the world, most notably in Canada, which is approaching legalizing it nationwide.

On Wednesday the growing power of the industry was on display as marijuana producer CanniMed Therapeutics Inc. said it had agreed to a C$1.1 billion ($883 million) cash-and-stock merger with fellow Toronto-listed grower Aurora Cannabis Inc., which had been pursuing a deal since Nov. 14.

Though Aurora shares, which trade in Toronto as ACB, were down 3.5% Wednesday afternoon to C$14.27, they remain up 423.1% over the past 12 months. CanniMed shares soared 13.3% to C$42.51 on Wednesday, giving the company a market cap of about C$1 billion. Shares are up 274.9% over the past 12 months.

Though sources tell me that many investors are hesitant to put money to work in the U.S. due to the unclear laws surrounding cannabis, Canada is a different story and M&A should continue to proliferate among the largest producers in that country.

Look for Aurora as well as others in the industry such as Canopy Growth, 9.9% owned by Constellation Brands Inc. (STZ) - Get Report  , as well as Leamington, Ontario-based Aphria Inc., which secured C$100 million in financing in April and trades on the Toronto Venture Exchange as APH, to do deals.

For those not willing to take that risk, and it's hard to blame you, take a look at some "boring" names such as Illinois Tool Works (ITW) - Get Report  , Procter & Gamble (PG) - Get Report  and Boeing (BA) - Get Report  , who are still providing investors steady returns based on their dividend, but that haven't posted the exorbitant gains of other stocks. Jim Cramer acknowledged that these companies aren't going to provide massive upside but their steady dividend makes them a useful addition to a diversified portfolio.

Jim Cramer and the AAP team hold positions in General Electric, Comcast, Constellation Brands and Illinois Tool Works for their Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE, CMCSA, STZ or ITW? Learn more now.

This is an excerpt from "In Case You Missed It," a daily newsletter brought to you by TheStreet. Sign up here.

Photo of the day: More closings for Toys "R" Us

Image placeholder title

Struggling retailer Toys "R" Us Inc. said it plans to close 182 stores across the U.S. as the retailer looks to position itself for profitability once it emerges from bankruptcy restructuring. Charles P. Lazarus founded Children's Supermart during the post-war baby boom era in 1948 as a baby-furniture retailer. The first Washington D.C. store would eventually morph into Toys "R" Us and the company would grow to be the largest distributor of toys in the country. In the late 1990s the company made an international push, opening a massive flagship location in Times Square in New York. Well, a lot has changed since the heyday of Toys "R" Us and with the most recent store closures it's looking more and more likely that Toys "R" Us is transitioning from a category killer into a category of deceased retailers. It should be noted the Toys "R" Us ferris wheel pictured above shut down in 2015 after 14 years of operation. Read More

Read more from "In Case You Missed It." Sign up here.

More of What's Trending on TheStreet: