It was an action-packed day in the marijuana news today, with a couple of marijuana stocks (HEXO stock and CRON stock) shooting off in opposite directions, while the New Jersey marijuana legalization effort falters.

We’ll first take a look at what’s happening in the Garden State.

New Jersey marijuana legalization seemed like a sure thing when I last wrote about it. After all, it had the support of the governor, whose party had control of both state houses.

Investors have never been more excited about marijuana stocks, and the returns that early movers into the cannabis space have produced have been nothing short of sensational. Yet as with any other industry, not all pot stocks are created equal, and smart investors are trying to separate out the best prospects from the also-rans to make the most of their marijuana opportunity.

Canopy boosts Atlantic Canada supply with production set to begin in Fredericton facility 

Cannabis and Crypto Laws Tremendously Varied Around the Globe

Since the Farm Bill was signed in late December, clearing the way for states to take over hemp regulatory duties, much has transpired. Here’s a quick look at just 40 of the many major developments that have taken place recently as a result of federal hemp reforms—the good, the bad, and the ugly.

The Good

1. To date, more than 40 states have defined industrial hemp as distinct from marijuana and removed barriers to its production.

Cannabis stocks moved lower Wednesday, as investors scrutinized earnings from Green Organic Dutchman Holdings Ltd. and awaited a U.S. congressional committee vote next week on protecting banks that serve the sector.

Korey Bauer, Portfolio Manager of the Cannabis Growth Fund CANNX, -0.67% a mutual fund recently launched by Foothill Capital Management, said the market is likely taking a breather after a strong run-up.

“We’re up more than 50% for the year, so it’s not a surprise to see the market take a break,” he said.

Though it may be hard to believe now, the marijuana industry was considered taboo just a short time ago. As recently as 2005, only a third of respondents in Gallup's cannabis survey favored legalizing pot, and just a handful of U.S. states had legalized the use of medical marijuana. Further, no country in the world had even thought about legalizing adult-use pot.

Big things are afoot in the marijuana industry. Following the legalization of recreational pot in Canada this past October, the legal weed industry has been validated like never before. As a result, global sales projections for cannabis are going through the roof. Some investment banks on Wall Street predict that annual sales could hit as high as $75 billion by 2030.

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Big things are happening in the marijuana industry. Last October, Canada became the first industrialized country in the world, and only the second overall behind Uruguay, to legalize recreational weed. Now, it looks as if Mexico might become the third country to do so before the year is over. We're also seeing strong sales growth in legal U.S. states.

This year, according to a research report issued by Arcview Market Research and BDS Analytics, global cannabis sales are expected to grow by 38% to $16.9 billion. This continued rapid sales growth is why some top marijuana stocks, such as Canopy Growth, have managed to reach large-cap status.