In case you haven't been paying attention, legal cannabis is a big-dollar business model. Having generated $12.2 billion in global (legal) sales in 2018, according to figures from Arcview Market Research and BDS Analytics, the worldwide weed industry could make a run at $50 billion, or perhaps $75 billion, in annual sales by the time 2029-2030 rolls around, based on various Wall Street estimates.

Marijuana stocks have remained one of the most interesting investor spaces of the modern day. Over the past few years, we have seen a large amount of companies begin to grow massive quantities of cannabis in line with the demand for the substance. With this, only a select few businesses have been able to reach the top of the market as it continues to become more and more competitive. All in all, marijuana is extremely exciting and continues to present investors with new opportunities across the board. The most important factor to always remember is to do the proper research in a given company before investing.

There's no denying that the North American cannabis industry has incredible growth potential. But it's also no secret that the industry is encountering some serious speed bumps.

Cannabis stocks continued to drop Wednesday with broad losses across North American markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 1.1% to 244.5 points on Wednesday. The Horizons Marijuana Life Sciences Index ETF was down 1.4% to C$18.87. The OTCQX Cannabis Index was down 0.2% at 759.9 points.

Buds

Weekend Unlimited Inc (CSE:POT)(OTCQB:WKULF) shares were on the up-and-up Wednesday after it announced it has successfully produced more than 50,000 high-CBD hemp seeds at its 600-acre Northern Lights Organics farm in British Columbia.

Cannabis is a huge opportunity for investors.

Despite extensive renovations and infrastructure investment, it appears that the chances of a cannabis retail outlet opening in Outlook after all this time may simply go up in smoke.

That’s the concern after the Saskatchewan Liquor and Gaming Authority (SLGA) reportedly denied Dr. Jean Paul Lim’s application to open up for business.  The BC-based Dr. Lim was the recipient of three permits to sell retail marijuana in Saskatchewan in the government’s draw lottery held last spring.  Lim, a clinical instructor at the University of British Columbia, also has the licenses to open up stores in Melfort and Rosetown, both of which also remain unopen.

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After hiding in the shadows for decades, the cannabis movement is experiencing a long-overdue coming-out party. Following the legalization of recreational marijuana in Canada, and the ongoing push to legalize at the state level in the U.S. and in various countries around the world, the potential for legal marijuana is truly budding.

Projections by various sources suggest that legal marijuana could become, at minimum, a $50 billion a year industry (globally) by 2029, with peak sales potential of as much as $166 billion. That's not a dollar figure Wall Street and investors will easily overlook.

The bigger the cannabis industry in the U.S. becomes, the more competition will make its way onto the equity markets. This week, we saw another key marijuana company begin trading on the Canadian Securities Exchange (CSE). Harborside Inc(CNSX:HBOR) completed a reverse takeover of FLRish, Inc. and Lineage Grow Company Ltd. in order to go public.

However, unlike many pot stocks that begin trading, Harborside isn’t a new company that needs to grow into a big company, as it already has a couple of big locations in California that have been key to its growth.

Few industries have been kicking "bud" and taking names quite like legal cannabis has in recent quarters. With Wall Street calling for up to $75 billion in global sales by 2030 (up from $12.2 billion in 2018), perhaps it's no surprise that marijuana stocks are among the market's top performers over the past couple of years.