Since last year, when Canada legalized recreational pot in full, the nation became a kind of country-sized lab for how that new business would play out. That market could reach as much as $5.1 billion in annual sales by 2020, according to one estimate – though some predictions are higher, especially ones that include spending on accessories and growing supplies.

The marijuana industry is blossoming before our eyes. After spending many decades as a taboo and illicit substance, cannabis is now perfectly legal for adult consumption in Canada (as of October 17, 2018). Though supply shortages and regulatory red tape have slowed weed's launch out of the gate, estimates suggest that Canadian cannabis could net close to $6 billion in annual revenue by 2022.

U.S. House holds hearing on cannabis banking legislation

Cannabis shares were higher Wednesday ahead of a congressional hearing on the obstacles facing cannabis companies when it comes to opening and maintaining bank accounts.

A subcommittee of the Democratic-controlled House Financial Services Committee will meet to hear testimony on the topic at 2 p.m. Eastern time. For now, cannabis companies are unable to hold accounts at federally backed banks, because weed is still subject to a federal ban, another issue that is hampering the development of the sector in those states that have legalized cannabis for medical or recreational use.

Bhang Corporation will host two “educational sessions” on Friday (February 15) and Saturday (February 16). to offer consumers a closer look at the Bhang product line and to familiarize themselves with the best approach to edible product consumption.

“We are excited to bring future Canadian consumers the opportunity to learn more about the benefits and safe usage of our edible products,” Scott Van Rixel, CEO of Bhang, said on Wednesday (February 13).

Passage of the U.S. Farm Bill has ended a five-decade-long ban on industrial hemp (defined as cannabis with less than 0.3% THC), allowing nationwide legal hemp production in all 50 states. Importantly, this should allow companies to deduct business expenses against their taxes (IRS Section 280E), which should significantly increase the bottom line of most companies that carry hemp products.

The Farm Bill also lifts restrictions on banking, advertising, and marketing. Hemp/CBD companies will also be able to accept other forms of payment other than cash, including debit and credit cards. Today, we have identified three little-known hemp CBD stocks that have significant upside potential from the passage of the U.S. Farm Bill.

Canada’s minister for the Cannabis Act said Wednesday there is plenty of pot to go around. According to an official report, supply increased for the third consecutive month and represented far more inventory than the country is projected to sell in the coming months.

“Building on our considerable experience with medical cannabis, and with 147 Health Canada licensed producers, the data is clear: there remains sufficient supply to meet and exceed existing demand,” read the report.

Cannabis reform is quickly sweeping across the U.S.

Ten states and Washington, DC have now legalized marijuana for recreational use.

In addition, a total of 33 states have legalized it for medicinal use.

Now, it appears more states are jumping on the cannabis bandwagon, including West Virginia, New Mexico, Minnesota, Wyoming, South Carolina, Kentucky, and Connecticut.

However, that's just one key catalyst for the future growth of cannabis.

The legal cannabis industry had itself a year to remember in 2018. Although marijuana stocks were a mixed bag, the weed industry gained validation like never before following the legalization of recreational marijuana in Canada. Rolling out the red carpet for cannabis will mean billions of dollars in added annual revenue, and it demonstrates that the cannabis industry is in no danger of disappearing.

Few, if any, industries are growing as quickly as legal cannabis. According to a co-authored report from Arcview Market Research and BDS Analytics, global marijuana sales rose to $12.7 billion in 2018, and they're on track to hit $16.9 billion this year, representing 38% growth. By 2022, worldwide revenue is forecast to top $31 billion.