As legalization continues to sweep North America, there's one state that's making moves that could push marijuana stocks even higher.
It's the latest state in a long string of states and countries pushing for marijuana legalization.
In October, Canada finalized its full legalization of marijuana, and even Mexico has taken some major steps toward legalizing the drug.
In the United States, the midterm elections once again allowed voters to push through more approvals for legalizing cannabis in various forms.
Voters in Missouri approved a measure for the use of medical marijuana, and full recreational use was approved in Michigan.
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In addition to the legislation, many of the politicians elected to office during this cycle ran on platforms that were pro-marijuana.
And there is even more good news just around the corner for legal pot.
You see, it appears that New York could be the next U.S. state to fully legalize marijuana, which will be a massive boost for marijuana stocks in 2019...
New York Moves Toward Full Marijuana Legalization
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New York Governor Andrew Cuomo announced his plans for full legalization of marijuana in New York in his Jan. 22 State of the State speech.
The state's current laws restrict the use of cannabis to approved medical conditions, meaning possession of the drug for recreational purposes or unapproved medical use is unlawful.
Cuomo's administration states that a marijuana sales tax could generate a tremendous amount of revenue for the state.
New York is currently the fourth most populated U.S. state, behind only California, Texas, and Florida, with nearly 20 million residents.
Governor Cuomo's office reports that the potential tax revenue generated annually from legal cannabis in New York will be as much as $300 million.
This doesn't even take into account the windfall for the marijuana industry and the impact on weed stocks.
Last May, New York City Comptroller Scott Stringer released a report revealing that a fully legal marijuana market in New York could generate as much as $3.1 billion in revenue each year.
If accurate, this would make New York the most profitable U.S. state for legal marijuana.
So far, the largest state to legalize pot is California, and it generated just $2.6 billion in sales last year.
This means that New York has the potential to beat California's revenue by 19%, bringing in an additional $500 million in sales.
These figures make New York's marijuana legalization one of the biggest news stories of the year for this industry.
In his speech, the governor said he planned to create a legal industry in New York that would include women- and minority-owned businesses and create jobs in some of the areas that need them the most.
The governor's plan is to impose a state tax and county tax on transfers of marijuana between wholesalers and retailers. There will also be a "per gram" tax.
Rob DiPisa, the co-chair of the Cannabis Law Group, says that New York fully legalizing marijuana could transform the industry. Since the state plays such a vital role in so many industries, from entertainment to business to fashion, it's likely that this move will be a catalyst for change.
Vertical Companies President Smoke Wallin believes that Cuomo's revenue projections could be conservative. With New York City being so densely populated, Wallin says the city alone could bring in $1 billion in revenue annually.
Plus, the chances that this new proposal is going to become a reality are fairly strong.
In January, a Democratic majority that is pro-marijuana took control of New York's state legislature. This is a governing body that is likely to give the governor his wish when it comes to legalizing pot.
This will be the beginning of a new marijuana gold rush worth $3.1 billion.
Since this hasn't happened yet, there is still time to invest in the best marijuana stocks before it becomes a reality.
These 3 Stocks Are the Key to 2019's Greatest Profits
The 2018 midterm election was a turning point for the cannabis industry.
We expect nothing short of historic profits by the end of the year.
But not all pot stocks will hand you life-changing wins. In fact, often the companies making headlines are least likely to see the biggest gains.
These three stocks, on the other hand, are flying under the radar... for now. Each of them could see exponential stock price acceleration at any moment, and if you get in before that happens, you could turn a token stake into a lifetime of wealth.
I don't know of any other sector providing anywhere near this level of growth now.