An enormous, quasi-dormant underground economy is awakening and large components are coming to the surface. Taylor West, deputy director of the 440-member National Cannabis Industry Association, said, "There is a whole canopy of products that goes beyond plants." He cites cannabis-infused foods and drinks, cannabis oils, butters, tinctures, and salves.

New regulatory demands will spark other opportunities such as laboratories to test for impurities and software systems to track product from seed-to-sale. But make no mistake about it: Some investors in some of the publicly-held cannabis-connected companies will lose money.