In these uncertain times, you should seek solace in marijuana…not necessarily to get high, but as a way to make money. Canna-business is better insulated than most other industries from risks such as the coronavirus pandemic, making the right pot stocks “defensive growth” plays now.

It’s an investment truism: invest in products that people will always want, in good times or bad. And when it comes to providing a product that people crave the world over, recreational marijuana passes the test.

During recessions, so-called sin stocks (alcohol, tobacco, etc.) tend to outperform. Add recreational cannabis to the list. Meanwhile, the need for new health treatments will persist despite the economic cycle, buoying medical marijuana stocks.

The marijuana sector was volatile in 2019, but not in relation this year to the broader market. So far in 2020, the equity and energy markets have been subjecting investors to convulsive rides on almost every trading day. Many analysts are calling for a global economic recession this year.

The Dow Jones Industrial Average and the S&P 500 are now officially in bear market territory, which means the indices have fallen at least 20% from their recent highs. The dizzying skid in stocks began about three weeks ago and ended the 11-year-old bull market.

The coronavirus has been the trigger for steep stock market declines, but global economies and equity markets already were under pressure even before the pandemic hit.

As headwinds plague the global economy, the marijuana sector enjoys tailwinds. There are now 1,444 cannabis-related bills moving through state legislatures and Congress for 2020 sessions. The momentum for legalization is unstoppable.

Read This Story: Take Heart, Pot Investors: Prohibition Is Doomed

Here’s what’s new over the past week, in terms of federal and state legal developments affecting marijuana. As investors in other sectors panic, the trends for marijuana continue to look encouraging.

Federal Level

The U.S. House Veterans’ Affairs Committee scheduled votes on two marijuana bills for today. One would let Department of Veterans Affairs doctors issue medical cannabis recommendations, while the other would direct the department to expand marijuana research.

The House bill to remove roadblocks to marijuana research got one new cosponsor for a total of 20.

California Republican congressional candidate Nikka Piterman tweeted: “I wanna legalize, commute sentences for nonviolent crimes plus give clemency for 20g of marijuana on flights… so if Americans come to Cali they can take a piece home with them.”

Virginia Democratic congressional candidate John Lesinski tweeted: “The General Assembly in Virginia is decriminalizing possession of small amounts of marijuana and has begun a process to expunge criminal records of the offense. I applaud this legislation. We need to stop clogging up our courts and ruining lives over marijuana possession.”

State Level

A proposed Arizona marijuana legalization ballot measure is being endorsed by the former backers of a rival campaign.

California has generated $1 billion in marijuana tax revenue since recreational sales began two years ago.

The following chart shows the huge amounts of marijuana money at stake in California:

The Iowa House of Representatives passed a bill to amend the state’s limited medical cannabis program to allow patients to obtain 4.5 grams of THC in a 90 day period.

The Mississippi House of Representatives put a medical cannabis initiative in serious jeopardy by voting to approve a more restrictive alternate question that would also appear on the November ballot next to the activist-drive one.

The Mississippi secretary of state has already certified a ballot measure to legalize medical marijuana. Pot prohibitionists in the state are pushing back, but public opinion polls show that their efforts to stymie legalization probably won’t succeed.

Missouri activists announced that they’ve collected more than 50,000 signatures in support of a proposed marijuana legalization ballot measure.

The Nevada Tax Commission voted to give its chairman the authority to negotiate settlements on behalf of state marijuana regulators.

The New Jersey Supreme Court ruled that employers can’t fire workers for positive drug tests resulting from legal medical cannabis use.

After falling short of the votes needed to legalize marijuana in the legislature last year, New Jersey lawmakers opted to put the question before voters instead. Polls reflect widespread support for legal marijuana. New Jersey Gov. Phil Murphy (D) recently signed legislation expediting the expungement of marijuana criminal records.

Ohio’s attorney general rejected the summary language of a proposed marijuana legalization ballot initiative, but the campaign behind the measure took issue with the analysis.

The Oklahoma House of Representatives approved a bill to allow medical cannabis home delivery. Meanwhile, the Senate passed legislation to redirect some medical marijuana tax revenue toward schools.

Washington State regulators sent Gov. Jay Inslee (D) a bill to allow state regulators to issue previously forfeited, cancelled or revoked marijuana retail licenses to social-equity applicants disproportionately impacted by the war on drugs.

Editor’s Note: Some cannabis stocks are stellar investments. Many others are not. You need to conduct due diligence. The good news is, we’ve done the homework for you.

My team has unearthed hidden gems in canna-business that most investors don’t even know about.

Looking to make money on marijuana legalization? For our latest research on the most profitable pot stocks, click here.

I welcome your questions and feedback. You can reach me at: mailbag@investingdaily.com

John Persinos is the editor-in-chief of Marijuana Investing Daily.