Some of our favorite marijuana stocks to watch are poised to surge from the string of marijuana referendums that passed on Nov. 8.
We'll discuss these stocks in just a moment. But first, let's talk more about the marijuana referendums from Election Day – and which states passed new legalization measures.
These 7 States Just Passed Marijuana Referendums
As many as nine states voted to legalize recreational or medical marijuana on Nov. 8, and a whopping seven of those states just legalized marijuana in some form. As a note, one of these states – Maine – is still in the process of counting votes.
So far, states that have passed marijuana measures on Nov. 8 include:
California: Passed Proposition 64, which allows recreational marijuana use for Californians over the age of 21. Adults can now possess marijuana legally and even grow up to six plants in their home. The measure creates two taxes: one for growers and one for retailers. Additionally, businesses need an official state license to sell marijuana. As the world's sixth-largest economy in terms of gross domestic product, California could see a nearly $1.4 billion annual increase in state revenue from marijuana taxation, according to the California Tax Board.
Massachusetts: Legalized recreational marijuana and created a commission to regulate marijuana for retail sales for those over the age of 21. Adults will be permitted to grow marijuana plants at home. Like California, the state would also create new taxes for marijuana.
BRILLIANT: Average Americans Are Becoming Marijuana Millionaires. Read More…
Nevada: Legalized recreational marijuana for adults over the age of 21. The state created a system to hand out licenses to retail stores.
Florida: Passed medical marijuana, which guarantees residents the right to use marijuana to treat various diseases and ailments.
Arkansas: Passed medical marijuana, which allows residents to set up medical marijuana dispensaries.
Montana: Passed medical marijuana, allowing physicians to treat various stress and pain disorders with marijuana.
North Dakota: Passed medical marijuana, but will have a stricter law than most other states who have approved medical marijuana. Patients will need identification cards listing their specific medical issues before obtaining marijuana.
Together, these states now make up 33 U.S. states that have legalized marijuana in some form. And this is critical for investors…
That's because this surge in marijuana acceptance will help propel the industry to $10.7 billion in value by 2020, according to ArcView Market Research.
Money Morning Director of Tech & Venture Capital Research Michael A. Robinson sees several types of marijuana stocks taking the most advantage of these newly legalized states. In fact, one of these stocks is already up nearly 40% this year, partly from its latest acquisition of two firms that will profit substantially from the growing marijuana industry.
Check out Robinson's marijuana stocks to watch now…