Banning Canadians from growing a few marijuana plants in their homes or backyards once recreational cannabis is legalized would be both paternalistic and unenforceable, former federal justice minister Anne McLellan says.

McLellan, who chaired the federal task force on cannabis legalization, offered that opinion Wednesday during an appearance before the Senate’s social affairs committee, which is examining the federal government’s bill to legalize pot use.

The bill would allow individuals to grow up to four plants per dwelling — a provision that has raised concerns among senators, apartment and condo owners, municipalities and police.

While marijuana stocks may be considered a contentious sector to invest in to some investors, this is a sector that could be quite profitable for long-term investors. If recreational cannabis is soon legalized, many marijuana companies are positioned to potentially experience explosive earnings growth in the years ahead.

Three marijuana stocks are now included in the S&P/TSX Composite Index, and that number may continue to grow.

Given the growing presence and leadership of these stocks, I recently spoke with Vahan Ajamian, an analyst who currently covers eight marijuana equities at Beacon Securities Ltd. Here are excerpts from our conversation, with an expanded version available online at tgam.ca/inside the market.

On today’s TSX Breakouts report, there are 23 stocks on the positive breakouts list (stocks with positive price momentum), and 15 securities are on the negative breakouts list (stocks with negative price momentum).

Discussed today is a company that appears on the positive breakouts list. Of all the stocks on the positive breakouts list, this one has the highest expected one-year price return – that stock is a cannabis producer. The average target price suggests that the share price may rise 72 per cent over the next year. The company is covered by six analysts, of which all six analysts have buy recommendations. The security highlighted today is Hydropothecary Corp. (THCX-X).

Resolution passed at Special Chiefs Assembly calls for a cut of tax revenue from cannabis sales.

First Nations chiefs on Wednesday called on the federal government to amend its marijuana legalization legislation to prevent provincial regulations from applying on reserves.

Chiefs passed a resolution at a Special Chiefs Assembly in Gatineau, Que., directing the Assembly of First Nations to lobby the federal government to make the amendment to Bill C-45, which is currently before the Senate.

The resolution also called for First Nations to be included in the excise tax revenue sharing framework, which is currently split 75 per cent to 25 per cent between the provinces/territories and Ottawa.

With legal pot looming, officials are working on training tools for Canada's cops.

Pop quiz: what does 30 grams of marijuana look like?

It's not an abstract question. Under the federal government's proposed cannabis legalization plan, 30 grams of dried marijuana is the maximum a person can legally possess in a public place. Carry any more and you could be subject to fines, jail time, or both.

Policing quantities is a big shift for police officers, who are used to viewing any amount of pot as a potential red flag, said Sandy Sweet of the Canadian Police Knowledge Network, an agency that provides online training courses for police officers.

Are Canadian legalization laws too strict to be worth the effort?

Legalizing marijuana in Canada will benefit millions of people. First and foremost, people will no longer be incarcerated for minor possession charges. This means fewer arrest records, less government spending on prisons and less longterm impact on the careers and lives of those caught with marijuana. Legalization does, however, vary province by province, and come with a host of bureaucratic complications. Are Canadian legalization laws too strict? Here’s a closer look at the problems marijuana legislation, as it exists today, could cause.

Strict Laws Require Bigger Law Enforcement Budgets

The highs and lows of legalized pot, from a real estate perspective.

After reaching an agreement with the City of Montreal, Société Québécoise du Cannabis (SSQ) shops are due to start business as early as this summer. The first 4 pot stores are planned near popular metro stations, and will open their doors as of July 1 after the federal legislation passes legalization.

Parents and adults spend a lot of time worrying about the influence of friends and peers when it comes to teen substance use – drinking alcohol, binge drinking, marijuana use and other illicit drugs. Is it all about an adolescent’s environment, their friends, peers and family, or is there a genetic component that drives their desire for risk taking and novelty? Teen substance use typically begins in early adolescence and increases linearly – both in terms of prevalence rates and frequency of use – until late adolescence, when a majority of teens report prior use of alcohol or illicit drugs. Conventional wisdom would argue that part of the reason substance use increases in teens is due to their experiences outside of the home, such as their friends and peers.

The Quebec government is calling on the Senate to amend the federal bill to legalize cannabis for recreational use to make it clear that provinces have the right to forbid home cultivation.

Quebec’s Minister Responsible for Canadian Relations, Jean-Marc Fournier, told a Senate committee Wednesday that his government wants all legal cannabis to be grown by federally licensed producers, at least in the initial stages of legalization.

Cannara Biotech to operate the largest indoor medical cannabis production facility in the province.

Cannara Biotech ("Cannara" or the "Company") announced a signed partnership with Ontario-based FV Pharma Inc ("FV Pharma") to create the largest indoor medical cannabis growing operation in Canada. Together, the companies have a combined floor space of over 1.245 million square feet of indoor growing capacity.

Cannara Biotech's newly purchased 625,000 square foot property will be the largest indoor medical cannabis production facility in Quebec. Ideally located 45 minutes from downtown Montreal, the site will leverage the province's low electricity cost to produce superior indoor quality medical cannabis at a significantly lower cost per gram.