As some of you may know, I've been following developments in the legal cannabis space for some time now. And I keep my followers at Fast-Track Millionaire up to date with any news that I think warrants our attention.

Not only do I have firsthand experience in the corporate marijuana space -- I also know many of the players. I also know what it's going to take to make this into a legitimate gold mine for investors. It won't be an easy path, but it's worth the effort to stay abreast of the developments.

I do this not only because it's fascinating... but because this is one of the great new frontiers of innovation that could hold the next big, blue-chip names of tomorrow. I'm talking about the kinds of investments that could deliver the 1,000% gains over the long run that every investor dreams about. And that's what we're all about over at Fast-Track Millionaire .

So with this in mind, I decided to compile some of the critical updates I've shared with Fast-Track Millionaire readers over the past few weeks. And while I can't share our favorite pick in the cannabis business to you today, my goal is to inform those of you who are interested of these developments.

Let's start off with the big one...

Trump Takes Step Toward Cannabis Legalization

I was sitting in my living room a couple weeks ago watching CNN as the president fielded questions with reporters before heading to the G-7 summit in Canada when I nearly dropped my Cheerios.

The president was asked about a bill in the Senate sponsored by Republican Cory Gardner of Colorado and Democrat Elizabeth Warren of Massachusetts that would allow states to determine their cannabis policy without worrying about the federal government coming in and shutting things down.

This has been a real worry: Attorney General Jeffrey Beauregard Sessions III is a vocal (and thoroughly ignorant) opponent of cannabis, and many, including me, had thought any rollback or other liberalization of the federal ban was a long shot -- to say nothing of the political improbability of the president supporting anything connected to archnemesis Elizabeth Warren.

I seem to have been wrong.

To my surprise, when asked about the bill, President Trump responded, "We're looking at it. But I probably will end up supporting that, yes."

To be sure, this is not a done deal. Mr. Trump cannot simply sign an executive order here. It's a measure that will have to 1) pass the GOP-controlled Senate, 2) pass the GOP-controlled House and 3) be signed in law by the president. That's a lot of ground to cover in any political climate and certainly all the more so these days.

Also, this measure, with the president's attention, immediately moved on to the High-Profile Legislation list. When the president expresses his or her (Hey, we can hope!) support, the bill transforms from nameless legislative proposal to what's known as a "Christmas tree" bill. That's when other lawmakers, sensing opportunity, attempt to hang a jillion amendments onto the bill. A cynic might describe this as selling their votes, and that cynic would have a case. So we have a long way to go, but, just as surely, we have come a long way.

We are not yet at the point where the president is considering rolling back the Schedule I classification or ending the federal prohibition on cannabis. But this is a start, a step in the right direction, and I think the president is well advised to follow through on supporting Sens. Gardner and Warren's bill.

Canada Legalization

Things went well in the Canadian legislature. The bill to legalize is on its way to becoming law. Canada becomes the second country to legalize, behind Ecuador. This brings weed back into the spotlight, and that makes it a dicey time to invest. While the natural reaction might be to buy in heavy, I'm not certain that's the wisest course of action at this time.

Recently, the U.S. Food and Drug Administration, as expected, gave its nod to the first cannabis-derived pharmaceutical treatment, Epidiolex. The medicine, to treat epilepsy in children, is produced by GW Pharmaceuticals (Nasdaq: GWPH ) from cannabidiol, or CBD. It does not contain THC, the cannabinoid that gets users high. GW shares fell 4% on the news.

Oklahoma Votes To Legalize Medical Marijuana

Oklahoma voters just voted for medical marijuana legalization. Question 788 legalizes medical cannabis. Gov. Mary Fallin said she would recall the legislature to draft a legal framework. She did not say how she voted. Polls showed wide support for the measure, but Chamber of Commerce-related and other business groups, including the Oklahoma Oil & Gas Association, citing safety concerns, mounted an aggressive effort to defeat it.

Big Beer May Be Getting Into The Weed Business

Molson Coors (NYSE: TAP ), the world's No. 2 brewer, is reportedly in talks with several Canadian cannabis companies to create a cannabis-infused beverage. Unnamed sources said the beer giant had talked with several companies, including one of our Fast-Track Millionaire portfolio holdings. Beer sales have been declining.

Rising Support

Support nationwide for cannabis has never been higher (there's just no non-punny way to say that one). Sixty-eight percent of registered voters support legalization, according to new polling data from the Center for American Progress. It's the highest level of support for legalization reported in a nationwide, scientific poll, and it's one issue that's transcending party lines. Democrats (77%), Independents (62%) and (gasp!) Republicans (57%) back legalization. Gallup found similar support last year.

My Take: Cannabis is one of the fastest-growing businesses in the world. I've said cannabis is roughly the same size market as tobacco, which a lot of people laugh at but for which a case can be made. The forecasts that industry watchers have made seem light to me, but whether they're right or I am really doesn't matter -- this is a hot market with a lot of room to grow.

But I'm not going to be The Guy who tells you to get on this bandwagon. When I find companies that offer innovation-driven opportunity at a reasonable price, my Fast-Track Millionaire subscribers and I will jump on them . There are other green pastures, if you will. For now, I'm pleased with the gains we're making with our pick. When and if another security presents similar upside, you can bet my readers will be the first to know.

P.S. If you aren't already a subscriber, you can sign up for a risk-free trial to Fast-Track Millionaire right now . If you aren't sure whether you want to join us on the quest for big-time gains, I strongly encourage you to sign up anyway. You can read my reports, follow my research, and still have plenty of time to decide whether or not this is right for you. All on the house.

So the choice is yours... You can keep investing in the same companies your neighbors and coworkers are buying... Get excited about a 20% return, and keep dreaming about hitting the big one... OR... you can use the same research that has already delivered a ten-bagger each year and has helped so many everyday readers reach their financial goals. This is your one opportunity to get on board. I urge you to take the next step join now .

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.