Marijuana legislation in Canada is going to take a little longer than expected. The nation's health minister says the law will go in effect closer to August. Alan Brochstein, Founder of New Cannabis Ventures and 420 Invest, explains the market opportunity he sees in this emerging market.

"I think its actually a positive because right now there's not a lot of inventory out there," said Brochstein. "If we want this to be a really good transition these companies need to be built up."

This week a major Canadian insurance company announced plans to add medical marijuana coverage. Sun Life Financial will cover this type of treatment in group plans starting in March.

"The world is their oyster right now," says Brochstein about the market opportunity for Cannabis in Canada. "I wish we'd (United States) would move toward Canada, but slow progress is better than no progress."