Recreational cannabis is estimated to create an industry worth $24.5 billion by 2021. In order to tap into that potential, we're bringing you the three states that are most likely to pass marijuana legalization next.
You see, marijuana legalization will not only create a booming market for cannabis producers, it will be a boon for any industry involved in the growth, harvest, and transportation of recreational cannabis.
Companies that produce specialty lighting, manage real estate for cultivation, develop indoor growing systems, and play a role in product shipping are set to benefit from expansion of the legal marijuana industry.
And this list is by no mean exhaustive - industry financing, security, and commercial distribution could offer even greater profit opportunities.
In order to prepare our readers for the potential windfall, the Money Morning team has reached out to its contacts in the cannabis industry in order to find the next states to legalize marijuana.
We talked to company presidents, CEOs, and industry experts who lead the marijuana industry and honed in on three states that are likely to push for marijuana legalization next.
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 on the verge of marijuana legalization according to our analysis, plus a way to profit from these catalysts...
Marijuana Legalization Candidate, No. 3: Arizona
Industry expert Wil Ralston believes that Arizona is a prime candidate for marijuana legalization. Ralston is the president of SinglePoint Inc. (OTCMKTS: SING), a cannabis and technology holding company that focuses on acquisitions of small- to mid-sized companies in the cannabis industry.
Pot Stock Profits: A historic event is unfolding in California's marijuana markets, and the wealth expected to flow into this industry is record-breaking. Learn how to cash in here...
Ralston sees Arizona as the perfect candidate for legalization, because the state barely failed to pass marijuana legalization during the 2016 election.
"Arizona has one of the largest medical marijuana programs in the U.S. and will get larger with full legalization," he said.
Ralston is confident that Arizona will follow through with marijuana legalization in the 2018 election, creating a perfect opportunity of investors to reap immense profit from the new recreational cannabis industry.
While Arizona is a likely candidate for legalization, our next expert has an even bolder prediction...
Marijuana Legalization Candidate, No. 2: Delaware
Jack Rein is a director for Acology Inc. (OTCMKTS: ACOL), a worldwide design, manufacturing, branding, and sales firm that caters to the marijuana industry.
Rein predicts that, of all the states considering marijuana legalization, Delaware is the nation's No. 1 candidate.
Rein previously stated that "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."
Both Rein and Ralston are betting on different states to come through with marijuana legalization in the near future. However, we spoke to two industry experts who believe there's only one state where legalization is imminent.
Here's their consensus...
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Marijuana Legalization Candidate, No. 1: New Jersey
Two of the experts we spoke with see marijuana legalization coming to the Garden State in the near future.
Erik Knutson is the CEO 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.
According to Knutson, changes in how states approach legalization make recreational cannabis extremely likely in New Jersey.
"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."
Jeremy Jacobs, founder of Eyechronic, a company engaged in dispensary technology, has 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.
As three state race toward marijuana legalization, Money Morning is keeping a close eye on the immense profit opportunities this new industry is creating.
And you can get a head start by investing in the biggest state to legalize marijuana right now...
Make Millions Thanks to California's Cannabis Explosion
$20.2 billion... that's the amount of money expected to pour into California's cannabis market in just the first year the state goes fully legal.
Mark my words: The savvy investors who know how to get in on the ground floor could see a small stake turn into a million-dollar windfall.
We've narrowed down the pool to three tiny California cannabis companies expected to deliver once-in-a-lifetime fortunes. But once these small stocks go from $1, to $10, to $20, or more... you may never see a chance like this again.