With nine states legalizing recreational marijuana in the last eight years, many investors are asking "which states will legalize marijuana next?"
Recreational marijuana is on the verge of creating a $24.5 billion industry by 2021, and investors should be paying attention to which states could be next in legalizing recreational marijuana.
You see, a larger market for marijuana doesn't just mean profits for those only directly involved in growing weed. It means immense profit opportunities for any industry even slightly involved in the growth and production of recreational marijuana.
Strong demand is sure to line the pockets of any company involved in the goods required for the production of marijuana - companies developing specialty lighting, indoor growing systems, and real estate for marijuana cultivation all stand to benefit.
And that doesn't even begin to get into the profits from distribution, financing, and protection of recreational marijuana.
With such immense profits in the making, Money Morning has used its contacts in the cannabis industry to determine which states will legalize recreational marijuana next. By doing so, we're getting our readers in on the ground floor of one of the greatest profit opportunities in ages.
We talked to presidents, chief executive officers, and directors who lead the marijuana industry and identified three states that will likely be the next to legalize cannabis.
In fact, one of them just narrowly defeated a measure to legalize marijuana, with nearly 49% of the population in favor of it in the 2016 election.
Here are the next three states to legalize marijuana according to our analysis...
Next State to Legalize Marijuana, No. 3: Arizona
Wil Ralston is the president of SinglePoint Inc. (OTCQB: SING), a publicly traded cannabis and technology holding company specializing in acquisitions of small- to mid-sized companies with an emphasis on mobile technologies and emerging markets.
Ralston believes that Arizona is a strong candidate for legalization because the state's last attempt to legalize recreational use only narrowly failed.
BREAKING: New Legislation Could Turn Tiny Pot Stocks into Millions. Click Here...
"Arizona has one of the largest medical marijuana programs in the U.S. and will get larger with full legalization," he said.
It's highly likely that Arizona follows through with legalization the next time the state heads to the ballot box.
However, out next experts have an even bolder prediction...
Next State to Legalize Marijuana, No. 2: Delaware
Jack Rein serves as director of national services for Acology Inc. (OTCMKTS: ACOL), a worldwide design, manufacturing, branding, and sales firm. It created the Medtainer, a container in which patients can grind, store, and pour a wide variety of medications.
Rein predicts that, of all the states facing legalization, Delaware is likely to be the next one to vote yes.
"Having already decriminalized cannabis and having a population that is overwhelmingly favorable to the notion, it seems most likely that Delaware will become the ninth state to legalize recreational cannabis consumption."
While Rein and Ralston have different opinions about which state will legalize recreational marijuana next, we spoke to two experts who agreed that legalization could be imminent in this next state...
[mmpazkzone name="in-story" network="9794" site="307044" id="137008" type="4"]
Next State to Legalize Marijuana, No. 1: New Jersey
Two of the other experts we talked to agree that New Jersey is the prime candidate for marijuana legalization.
First, Erik Knutson is the chief executive officer of Keef Brands, a company that offers consulting and manufacturing services for medical marijuana firms.
Keef assists with facility configurations and design, specifications for equipment, standard operating procedures, compliant packaging design, extraction, and support for license applications.
Second, Jeremy Jacobs founded Eyechronic, a company engaged in dispensary technology. It offers tools and advertising to the marijuana industry.
Both of these industry experts see New Jersey as the most likely state to legalize marijuana.
"Over the past several years, we have seen a clear shift in the legalization process, as state legislative bodies have begun to work bills through the legislature to avoid ballot-initiated amendments and referendums," Knutson said.
"One of the most exciting and promising states to take this approach is New Jersey. It is widely assumed that Jersey will pass adult use language this year; at that point it will immediately become the second-largest market, next to California, in the U.S."
Jacobs had similar reasoning for picking New Jersey.
"New Jersey has been on the cusp of legalization for years, and with last year's election results, I think it's safe to say that they are likely to enact legislation this year," Jacobs said.
With three American states on the cusp of granting marijuana legal status, Money Morning is playing close attention to the profit opportunities created by this new industry.
We're especially excited by recreational marijuana profits from Canada, which is planning to legalize recreational use of marijuana nationwide this summer.
With several months to go, you can still get in early on the Canadian cannabis industry's explosive profit potential...
A Pot "Bombshell" Just Hit Canada
For our neighbors to the north, it's shocking news. But it could be the best news of all time for marijuana stock investors.
In fact, this single "bombshell" event could unleash a new pot stock boom that will blow the doors off anything we've seen up to this point.
And by putting a couple of hundred bucks into a handful of tiny Canadian weed companies, you could pocket life-changing gains - turning a few hundred bucks into a fortune overnight. Watch this now to get all the details...
Follow Money Morning on Twitter @moneymorning, Facebook, and LinkedIn.