Yesterday (July 1st), Nevada became the fifth state where the sale and possession of small amounts of marijuana is legal. After passing the legalization initiative in the last election, Nevada joined four other states (Colorado, Washington, Oregon, and Alaska) in implementing that legalization. They expect the tax on marijuana sales to bring the state about $60 million in revenue in the next two years. I think that's probably a very low estimate.
By early next year, the number of states with legal marijuana will climb to eight states. Massachusetts, California, and Maine have all voted to legalize the gentle herb. The legalization will actually go into effect in Massachusetts on December 15th, in California on January 1st, and in Maine next February.
The genie is now out of the bottle -- and I expect several more states to jump on the legalization bandwagon in the next few years.