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Countries like Spain, Italy, and Colombia are likely the next growth opportunities for Canadian cannabis companies after a flurry of consolidation at home.

The marijuana industry saw its largest deal to date on Monday with Aurora Cannabis Inc. agreeing to acquire MedReleaf Corp. for $2.9 billion. That followed Edmonton, Alberta-based Aurora’s deal to buy CanniMed Therapeutics Inc. in January for roughly $1 billion and several smaller deals.

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There are now 90 publicly listed companies in Canada with a market value of about $31 billion

Canada has emerged as a global leader in the pot industry as it becomes the first Group of Seven country to legalize the drug for recreational use later this year while a ban at the federal level keeps pure-play U.S. pot companies from major exchanges south of the border. There are now 90 publicly listed companies in Canada with a market value of about $31 billion.

Recent mergers and acquisitions have given the companies the scale to start looking internationally for growth, said Dan Daviau, chief executive officer of Canaccord Genuity Group Inc., the leading Canadian investment bank in the sector. Countries like Germany, for example, allow patients to be reimbursed for medical marijuana to treat a variety of symptoms, he said.