In many ways, it often feels like I’ve gone back to the late 1990s, when I was reporting on tech startups. The stock market value of each of the three largest players in Big Weed is now well over $10 billion. But all of those companies report losses in the tens of millions of dollars from their current medical marijuana businesses. The question now is whether some of those companies will meet the fate of many tech firms after the dot-com bubble burst, and how many will meet their investors’ dreams.

Around the system as a whole, there’s confusion. In most of the country, actual stores will have scarce supply at first. The rules about where you can smoke marijuana will also vary. In some provinces, its use — like alcohol — will not be allowed in public places. In others, it will be legal wherever cigarette smoking is allowed, including while strolling down the street. (No doubt someone is making an app for travelers who want to keep things straight.)

Driving while impaired by drugs has long been a crime in Canada. While the penalties for it have now been increased, the government has admitted that police are lagging when it comes to things like the blood-testing systems necessary to lay charges. Nor does it appear that the police will be making much of an effort to shut down the illegal marijuana shops that have popped up in many cities.

Stoned students and employees aren’t anything new, particularly among young Canadians, who are among the world’s biggest pot users. But many Canadians fear that legalization will make usage more widespread. And it adds another wrinkle to conversations about marijuana between parents and their children.

Somewhat lost in the discussion here in Canada has been its health effects. While a lot remains unknown, no medical group in Canada endorses regular marijuana use. Aside from the ill effects of smoking anything, there are concerns about how marijuana alters the brains of users who are under the age of 25.

This week, an editorial in the Canadian Medical Association Journal called on Mr. Trudeau to rework legalization if it leads to more marijuana use. But those marijuana companies I’ve visited can only justify their staggering stock prices by encouraging the use of their products. I’ll be following closely to see who wins that conflict.