We've referred to the increasing legalization of marijuana as being something of a gold rush in this space before.
We have some very good news on that front.
In a bit, we're going to discuss the top cannabis stocks to watch in 2018.
But first, let's hear from Money Morning Defense and Tech Specialist Michael A. Robinson about his recent visit to the Cannabis Business Summit & Expo in San Jose, California.
The keynote speaker at the event was James M. Cole.
Cole, who was the Deputy United States Attorney General in 2013, recommended then that states that had legalized marijuana not be subject to federal intervention.
The STATES Act Is Good News for the Cannabis Industry
Cole's recommendation is often referred to as the "Cole memo."
The marijuana industry loves Cole because of the Cole memo, which seemed to make it possible to make their companies not quake before federal law.
Now, current U.S. Attorney General Jeff Sessions doesn't like the legalization of marijuana. He rescinded the Cole memo.
But neither is he moving forward to bust pot in the increasing number of states in which it's legalized.
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That's because Sessions' boss, U.S. President Donald Trump, indicated recently that he supports the STATES Act, a congressional bill with bipartisan support that would result in every state being able to treat marijuana as it sees fit in the state itself.
Not surprisingly, Cole told Robinson that he supports the STATES Act.
Participants at the Expo liked the STATES Act as well.
It would help to make the cannabis industry more legitimate.
And that's why we're watching three cannabis stocks right now...
3 Top Cannabis Picks for 2018
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The three top marijuana stocks to watch now are all engaged in vibrant businesses in which marijuana plays a role.
The first top marijuana stock to watch now is tech giant Microsoft Corp. (Nasdaq: MSFT). MSFT has long been invested in KIND Financial.
KIND develops software to help governments, both state and local, track the legal marijuana business. Its software also helps pot companies keep in compliance with state rules and regulations.
But MSFT's products that help cannabis companies aren't confined only to KIND Financial. Its cloud platform, Azure, allows marijuana companies to monitor all aspects of their business.
The second top marijuana stock to watch now is Scotts Miracle-Gro Co. (NYSE: SMG).
SMG is well known to many American homeowners as the company that produces products to keep their lawns and gardens green.
The company's CEO, Jim Hagedorn, moved his company into the market for legal marijuana several years ago. He focused especially on the cultivation of indoor plants, making a $150 million acquisition of General Hydroponics and several other marijuana-related purchases.
SMG stock has dropped a bit.
However, we believe this is a discount to where the stock should be trading.
The third top marijuana stock to watch now received very good news this summer. GW Pharmaceuticals Plc. (Nasdaq: GWPH) received U.S. Food and Drug Administration approval for one of its leading drugs, Epidiolex.
The approval means that we can look for marijuana-based biotechnology products in the future, too.
It Is the Defining Social and Financial Event of Our Generation... and You're Missing It?
FREE video reveals 16 reasons why cannabis stocks could break all profit records in 2018...
With profits of up to 1,000% - similar stocks in previous elections years soared to rare gains high enough to turn every $5,000 you invested into $303,700.