Marijuana has inspired the medical community and the investing community, with state legalization spurring interest in companies related to the drug. Yet many fear that the tiny companies that dominate the marijuana industry right now aren't good investments and carry too much risk for the typical investor.

With that in mind, we asked three Motley Fool contributors to weigh in on their views about whether marijuana is or will be a place to invest in the near future. See what they have to say and then weigh in with your comments below.

State health officials plan to let the public know early next week which companies, nonprofits or other entities bid for licenses to grow and distribute medical marijuana.

Before Friday’s application deadline closed, several bidders had announced proposals, including some now running similar programs in other states. New York’s health department is expected to grant up to five licenses this summer, with each recipient allowed to establish up to four dispensaries.

Last year former videogame entrepreneur Dooma Wendschuh began soliciting investors for what he viewed as a big idea: distilled marijuana extracts, developed by scientists, that could be used for “edibles,” such as brownies, and vaporizers. Rather than hawking flavors or strains of pot, his company, Ebbu, would aim to deliver consistent feelings, such as “chill” and “giggles.”

With a few notable exceptions, the American public's opinion on marijuana -- both medical marijuana and recreational, adult use marijuana -- is growing more favorable.

COLUMBUS -- Ohio lawmakers are beginning to hear some of the objections raised against plans to legalize marijuana, and it might not be for the reason you think.

According to a report by the Columbus Dispatch, bipartisan support is building to suppress any legislation that could use constitutional amendments to create monopolies.

As currently written, the leading pro-pot proposal -- submitted by ResponsibleOhio -- would change the Ohio Constitution to allow 10 investment groups the exclusive right to grow and sell marijuana wholesale.

Two relatively new Illinois laws may cause unexpected headaches for businesses, but The Greater Springfield Chamber of Commerce has scheduled a seminar intended to help ease the pain.

The state's concealed carry gun law is already more than a year old, but its medical marijuana pilot program is just getting started.

Attorneys with the statewide law firm Heyl Royster last year started presenting seminars on concealed carry and how it could affect both employers and employees.

Chrissie Peterson of Heyl Royster's Peoria office said businesses have reacted responsibly to the concealed carry law and have placed the appropriate signs on their doors if they don't want to allow guns.

L-SPARK’s Mentor blog series features expert advice for startups from our community of mentors and advisors. This week’s entry on strategic exits comes from Tyler Nelson, a technology industry veteran with a history of leading corporate development strategies and raising money for early & growth stage companies. Following a career serving in executive leadership roles with BlackBerry ( TSX & NASDAQ IPO’s ), Bridgewater Systems ( TSX IPO ) and QNX Software ( acquired by Blackberry ), Tyler co-founded YOU.i Labs with Jason Flick, was co-founder and CEO of mobile marketing pioneer Adenyo Inc. ( acquired by Motricity ) and went on to co-found and lead Ackroo Inc. through to it’s TSX.V debut.

Transparency is a prominent force in today’s food industry. While farmers markets are hardly new, the attachment to organic, locally grown products have surfaced in other industries throughout San Francisco and Oakland–namely marijuana. These pot-friendly cities have seen a rise in cannabis delivery systems and sampling parties. In late February Flow Kana, “the world’s first farm-to-table cannabis delivery platform,” launched in San Francisco, foreshadowing the next generation of a once taboo trade. By the end of June the company will also serve Oakland and Berkeley.

Marijuana is commonly referred to as bhang, bangi, pot, ganja, vela or weed among other names depending on the unique strain. In the scientific domain it is known as Cannabis Sativa containing the compound delta-9-tetrahydrocannabinol (THC) that causes the “high” effect.

Under the Narcotic Drugs and Psychotropic Substances Control Act of 1994, classifies the possession, sale, growing and distribution of marijuana illegal. This law is almost theoretical since it is rarely adhered to by patrons and by extension law enforcement officers who meet to the ready market of supply and demand.

In the past two years Gov. Andrew Cuomo has come a long way in amending his once unsupportive views about medical marijuana, but it is not far enough.

New York has become the 23rd state to legalize medical marijuana in some form, and this should help those New Yorkers suffering from cancer, glaucoma and other serious illnesses. But if the program works as intended, it should be expanded.

Friday was the deadline for businesses to apply for only five licenses that will be granted to manufacture and dispense the drug statewide.