I think you are right that almost everyone is over valued. With all the hype switching to US, it feels like US names are overvalued too. Sure, current prices might seem cheap in 5-10 years, but there's a lot that could go wrong for these companies in that time.
WMD on the other hand has, in recent weeks, been trading at reasonably nice prices for what is very realistic to expect of them in 1-2 years.
The point of investing isn't to pick the biggest most dominant company. It's to pick good companies at great share price. You seem to know this. If I said the Canadian market for legal flower is just 2.4B in a couple years would that seem crazy to you? How market share of that would they need to justify their current share price? Maybe 3%-6%? As far as bets in this industry go, WMD seems to be presenting fairly good risk/reward ATM.