Are marijuana stocks a logical investment?
Any investment into any industry carries risk, which is why diversification is very important. In my opinion, you should not have more than 5% of your long-term investable assets in any one specialty industry such as this. The most 'smart and sound' stock investment is in larger companies in established industries, but that doesn't mean this is a bad investment. If you do go ahead with this, buy several stocks and keep the total of those stocks below 5% of your overall investments.
High (no pun intended) Risks, High Reward. More states are embracing marijuana, but it all depends upon what Trump does at the National level. He is very anti drugs and it is still illegal at the National level, just not enforced. But if you decide to take a position or two, make them small. You manage risk by position sizing within the portfolio. So higher risk, smaller size. Best of luck.