In a report leaked to Philly Inquirer columnist Chris Goldstein, Merrill Lynch has reportedly taken a bullish stand on certain segments of the legal marijuana market. But where the report does not focus is almost as telling as where it does. Here are several things every marijuana investor should notice:

This is Merrill Lynch, for pity’s sakes. The report is not publicly available but was distributed to a select group of “wealth management” clients. This is not a wild and crazy crowd. More adventurous investors might take this as an indication that the time to get in on the ground floor has passed.

The report makes no mention of any company that is directly involved in the business of growing, processing or selling marijuana products for medical or personal use under state laws.

Estimates of the size of the existing commercial market vary widely. Giadha Aguirre DeCarcer, Founder and CEO of New Frontier, puts it at $5 billion. Merrill Lynch puts it at $7 billion. Future estimates vary even more. The Merrill Lynch report appears to focus on a very small sector of the industry. It is a cannabis industry analysis without much evidence of a green, growing plan. The narrow focus leaves nagging questions about the real potential of the market.

As reported by Goldstein, one area of focus is GW Pharmaceuticals (NASDAQ: GWPH), whose CBD-based drug, Epidiolex, has shown promise in the treatment of children with severe forms of epilepsy. GW Pharma’s THC-based drug, Sativex, has been approved for use in the treatment of muscle spasms associated with muscular dystrophy in 28 countries and is fast-tracked for approval by the FDA. GW Pharma, with its base of operations in the United Kingdom, has opposed marijuana legalization in the United States.

Another area of particular interest in the report is the cannabis testing market. The recent media focus on contamination, including microbes, heavy metals, pesticides and residual solvents has brought this to the forefront. Even beyond the issue of contamination, medical and recreational users want to know the cannabinoid and terpenoid profile of what they consume.