This landmark cannabis bill is great news for marijuana stocks

Investors would probably struggle to find an industry that's growing at a faster and more consistent pace than legal marijuana.

Last year alone, according to cannabis research firm ArcView, North American legal pot sales jumped 34% to $6.9 billion. ArcView estimates that legal sales could top $22 billion by 2021, with investment firm Cowen & Co. expecting legal sales to hit $50 billion by 2026. Regardless of what estimate you choose to believe, the legal marijuana industry is growing by between 20% and 30% a year. That type of consistent long-term growth is certainly appealing to investors.

The sky could be the limit -- if not for these issues

Of course, the marijuana industry continues to face a laundry list of risks.

For instance, the U.S. federal government continues to categorize cannabis as a Schedule I

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