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The Senate of Canada, as you likely know, late last Thursday night passed a bill legalizing recreational marijuana.
And once the House of Commons and Prime Minister Justin Trudeau do their part, Canadians could spend up to $4.7 billion on legal cannabis products in 2019, according to Deloitte.
But bigger things are coming.
Much bigger things.
Let's look at some numbers…
Canada is home to about 39 million people. That's a lot of folks, but it doesn't even equal the population of California.
On the other hand, 323 million of us call the United States home.
That is a big number.
When the United States fully decriminalizes pot, that's when the true wealth will flow into cannabis companies' coffers.
But, maybe you think we're three… four… 10 years away from that happening. Or maybe you think it'll never happen.
Well, think again.
Attorney General Jeff Sessions probably won't like this… but President Donald Trump recently gave the "green light" to legal marijuana.
Here's the story…
Last Thursday morning (it was a busy day), a group led by Republican Sen. Cory Gardner of Colorado introduced a bill that would put cannabis' legal status in the hands of the states – that would end the federal ban on marijuana.
While I took note of Sen. Gardner's move, I didn't think much of it – lots of similar legislation has been introduced in Congress over the years.
But then on Friday, just before President Donald Trump boarded a helicopter headed to the G-7 conference in Canada, a reporter shouted out a question about the bill.
The president's response: "I support Sen. Gardner… I know exactly what he's doing. We're looking at it. But I probably will end up supporting that, yes."
In other words, President Trump gave a "green light" to not just medical marijuana – but recreational cannabis as well.
According to a just-released report from Grand View Research, global legal pot sales could reach $146.4 billion by 2025. I bet the analysts there are right now revising their numbers – in the "much, much higher" direction.
Now, I've got to note one thing here.
About the Author
Michael A. Robinson is one of the top financial analysts working today. His book "Overdrawn: The Bailout of American Savings" was a prescient look at the anatomy of the nation's S&L crisis, long before the word "bailout" became part of our daily lexicon. He's a Pulitzer Prize-nominated writer and reporter, lauded by the Columbia Journalism Review for his aggressive style. His 30-year track record as a leading tech analyst has garnered him rave reviews, too. Today he is the editor of the monthly tech investing newsletter Nova-X Report as well as Radical Technology Profits, where he covers truly radical technologies – ones that have the power to sweep across the globe and change the very fabric of our lives – and profit opportunities they give rise to. He also explores "what's next" in the tech investing world at Strategic Tech Investor.