As a marijuana investor, you need to be cosmopolitan. Pot isn’t just a significant investment opportunity in the United States. The “green rush” is a global phenomenon.

According to a new report from Research and Markets, the global cannabis market is estimated to have reached sales of USD 20.5 billion in 2020 and it’s projected to reach USD 90.4 billion by 2026, posting a five-year compound annual growth rate of 28%. North America accounted for the largest market share in the cannabis market due to the increasing legalization of cannabis for both medical and recreational purposes across the region.

Marijuana is legal in Canada and in an increasing number of states in the U.S. Bills are pending in the U.S. Congress to remove the federal ban. Mexico is on the verge of legalizing marijuana on the federal level. Pot is legal nationwide in Uruguay.

European countries are jumping aboard the legalization bandwagon. Medical marijuana is legal in Britain, which also is home to major marijuana biotech firms. Cannabis in Germany is legal for certain limited medical uses, but illegal for recreational use. In France, pot is illegal for personal use, but limited types of cannabis-infused products are permitted for medical uses. Proposed laws are pending throughout Europe to completely legalize pot for recreational and medical uses.

Research and Markets estimates that Europe will be the fastest growing region over the next five years for marijuana consumption and sales. A major reason is the region’s relative social tolerance, as well as nationalized health care systems that more readily make subsidized medical pot available to citizens.

As for other regions and countries, the inexorable move is toward legalization, but to varying degrees and speeds. The following maps, compiled with data from various government sources, gives you a quick overview of the global situation:

Mexico is expected to soon approve a law lifting its national ban on cannabis. The move would make Mexico the world’s most populated country to authorize cannabis for medical and recreational purposes. It also would make it the biggest producer of weed.

Read This Story: Ay, Carumba! Mexico Set to Legalize Pot

In October 2018, Canada legalized on the federal level the possession and use of recreational marijuana. Canada was the first G7 nation to take this bold step and it triggered a seismic shift in the worldwide marijuana industry.

When it legalized weed, Canada attracted an investor frenzy. Many marijuana companies are based in Canada and trade on the Toronto exchange, because Canada is widely perceived as “ground zero” for marijuana expansion. But things haven’t gone as planned.

Welcome to the great Canadian buzzkill, whereby marijuana sales and stock prices have fallen. The Canadian market isn’t just suffering from overinflated expectations. As new and cheaper markets (e.g., Mexico) enter the global fray, Canada is expected to continue losing business.

The lessons for investors…

The let-down in Canada is instructive for marijuana investors. You need to pick marijuana stocks for their fundamentals, not because of an enticing narrative. Canada was all the rage among marijuana adherents two years ago; now it’s getting upstaged and a lot of investors are left holding the bag.

We’ve already conducted considerable due diligence into finding the best marijuana investments available. For our latest report on cannabis stocks, click here.

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John Persinos is the editorial director of Investing Daily. Send your comments or questions to: mailbag@investingdaily.com. To subscribe to his video channel, follow this link.