Welcome to my Weekly Weed Report. Below is a condensed transcript of my video presentation.

To make profitable choices among pot stocks, you need to stay informed. Problem is, marijuana legalization and related developments tend to get ignored by the mainstream media. Hence my weekly video report.

Let’s examine the latest news and trends of significance for the marijuana industry and its investors.

Minnesota. House Democratic leaders in Minnesota are preparing for another push to legalize marijuana this session, with the sponsor of the House-passed reform bill vowing he will revise the legislation in an attempt to garner GOP support.

Mississippi. The House of Representatives in Mississippi approved a bill to legalize medical marijuana; the legislation now heads to the Senate, which already passed it. This legislative action shows that even “deep red” states in the culturally conservative South are turning toward the normalization of marijuana laws.

Missouri. A state lawmaker in the “Show Me State” introduced legislation to decriminalize a variety of drugs including marijuana, psilocybin, LSD, MDMA, and cocaine.

The legislation, sponsored by Rep. Peter Merideth (D), would make low-level possession of these drugs punishable by a maximum $100 fine or participation in a treatment program if approved by a court, or both.

New York. Governor Kathy Hochul’s (D) new budget plan projects that over the next six years, the Empire State will generate more than $1.25 billion in legal marijuana tax revenue.

The legal cannabis industry is expected to capture $1.2 billion in sales in New York by 2023 and $4.2 billion by 2027. As legal sales begin in states such as New York, New Jersey and Virginia, the power balance in the marijuana industry will shift from the West Coast to the East.

Pennsylvania. A bipartisan group of Pennsylvania senators introduced a bill that would allow medical marijuana patients to cultivate their own plants for personal use.

Registered patients who are 21 and older, and who have been residents of the state for at least 30 days, could grow up to six plants in an “enclosed and locked space” at their residence, according to the text of the bill. They would be allowed to buy cannabis seeds from licensed dispensaries.

Rhode Island. Ocean State Governor Dan McKee (D) released his budget request for the 2023 fiscal year, calling for adult-use legalization. Meanwhile, state lawmakers report that they’re separately nearing a deal on enacting the reform.

Enacted in 2006, Rhode Island’s Medical Marijuana Act permits state residents with debilitating medical conditions to use marijuana if a doctor certifies in writing that the marijuana may alleviate their symptoms and that the potential benefits would likely outweigh the health risks.

Although the East Coast is catching up, California still has the biggest legal marijuana market in the world, in terms of annual sales.

Research firm New Frontier Data predicts that California’s vast market for cannabis will exceed $6 billion per annum by 2025 (see chart).

One reason legalization has unstoppable momentum is the money it puts into government coffers. Cannabis taxes are projected to generate $12 billion for U.S. states by 2030.

A recent report from investment banking firm Cowen projects that annual marijuana sales will reach $68 billion in 2022 and $100 billion in 2030 (see my video for additional details and charts).

Cowen estimates that New York, Pennsylvania, New Jersey, Virginia, and Arizona are on fast tracks for marijuana sales growth. By 2025, Cowen analysts predict, those markets could reach $3.1 billion, $2.8 billion, $1.4 billion, $1 billion, and $2.4 billion, respectively.

“Canna-billions” are up for grabs…

The developments I’ve just described underscore the appeal of marijuana companies as investments. Every portfolio deserves exposure to the exploding profits in cannabis. The legalization of weed is a mega-trend with multi-year momentum.

But don’t make the mistake of indiscriminately jumping into the sector. You need to be selective and conduct careful due diligence.

The good news is, we’ve done the homework for you. For our latest report on the best investment opportunities in cannabis, click here.

John Persinos is the editor-in-chief of Marijuana Investing Daily. You can reach him at: mailbag@investingdaily.com.

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