The Ultimate Guide to Legalizing Marijuana in the US: Key Dates to Know in Every State and Which Stocks Could Benefit You Most

Cannabis legalization is sweeping the U.S., and industry experts and observers say Democratic control of Congress and the White House could push for more reforms in the coming months.

Senate Majority Leader Chuck Sumer said cannabis reform would be a top priority this year, although that could be a daunting task given the small majority of Democrats.

Cannabis is also gaining ground at the state level. Five states voted to legalize cannabis in some form in the November election.

In March, New York passed the cannabis reform through the state legislature. The market could be huge, due to its population and the tens of millions of tourists visiting the state.

Companies already operating in New York told Insider that they are increasing cultivation capacity. Operators who see the Empire State say they are watching closely as regulations are being drafted, but that they are leaning towards market entry as growers rather than retailers.

Meanwhile, companies are already struggling to take advantage of the New Jersey market. In February, New Jersey Gov. Phil Murphy signed into law legalizing cannabis and establishing commercial sales in the state.

State lawmakers in New Mexico, Virginia and Connecticut recently voted to legalize cannabis, and the laws went into effect in late June and early July.

To compile this tracker, Insider used a variety of sources to explain the nuances of each state's measures. We have also included market-sized projections to give a sense of how important each state could become to businesses and investors.

Here's everything you need to know about the new wave of cannabis legalization in the US:

This article was published on October 9. Updated July 9 with legalization efforts in New Mexico, Virginia and Connecticut.

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