An airplane prepares to land at Los Angeles International Airport above a billboard advertising the marijuana delivery service Eaze on July 12, 2018, in Los Angeles.

It’s been a long four years for California’s cannabis industry, with thousands of business closures and investor capital fleeing the state’s legal market. But this frigid financial winter may finally be thawing.

A string of new investment deals has been announced in recent weeks, and analysts are saying California’s legal market could see a further surge of investor cash this year. In December, Vireo Growth Inc. bought the cannabis delivery company Eaze, once dubbed the “Uber of weed,” for $47 million. California cannabis brand Stiiizy purchased a retail competitor for $25 million a few weeks before. And on Tuesday, California’s largest cannabis distributor, Nabis, announced it had also purchased a competitor in a $13 million deal. 

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Morgan Paxhia, co-founder and managing director of Poseidon Investment Management, a venture capital firm specializing in cannabis that was not involved in those three deals, said President Donald Trump’s move last month to reform federal........

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