Already setting new record highs for months, shares of Canadian marijuana stocks have reached lofty new territories after California voted to legalize marijuana.

On Tuesday, while many were mulling the shocking surge to the White House by Donald Trump, the state of California passed Proposition 64, which will allow residents 21 years and older to buy and possess up to one ounce of cannabis for recreational purposes and to grow up to six marijuana plants for personal use. The new measure will create an environment for state-licensed businesses to set up retail marijuana sales. With a proposed 15 per cent sales tax, the state is expected to take in an added $1 billion in tax revenue from legalization.

Constellation Brands, the alcohol giant that sells Corona beer and Svedka vodka, is considering a new approach to livening up its beverages: marijuana.

"We're looking at it," Constellation Chief Executive Officer Rob Sands said in an interview. "There are going to be alcoholic beverages that will also contain cannabis."

The legalization of marijuana across much of the U.S. -- spurred by election-night victories on Tuesday -- is creating a huge new market for legal weed. Voters approved marijuana for recreational use in California, Maine, Massachusetts and Nevada. That brings the tally of states with legal pot to eight, plus Washington, D.C., meaning one in five American adults now lives in an area where it will be legal to get high.

More than 20% of Americans waking up the morning after Election Day did so in a state that has legalized recreational cannabis.

At least six states voted to legalize marijuana in some form, with California, Massachusetts, and Nevada voting to legalize adult-use, or recreational cannabis, while Arkansas, Florida, and North Dakota legalized medical pot. (Maine’s vote on recreational cannabis was still too close to call as of Thursday morning.) Now the US has 29 states with legal medical marijuana, and at least seven states have legal recreational pot markets.

The legal marijuana industry could generate roughly $22 billion in annual sales across the US within four years.

Recreational marijuana will be legal in Nevada come January 1 after voters handily approved Question 2 on Tuesday with roughly 54 percent of the vote.

Nevada joins a wave of states to approve recreational marijuana for adults, painting the West Coast green from Washington to California.

“They’re prepared to meet what this market is going to demand,” said Matthew Gardiner, the Vice President of Shango Las Vegas, which is a medical pot dispensary boasting 72,000 square feet on Boulder Highway and Twain.

The seed to sale shop is bracing for a potentially billion dollar boost to businesses in Nevada.

Here’s an interesting one. Bang Holdings Corp (OTCMKTS:BXNG) is a Florida based electronic cigarette company (according to its news media outlet bios) that develops, distributes and retails e-cigarettes and vaporizers. Forget that, for now, however.

What the company really does, and what its focus revenue driver going forward will be, is cannabis related advertising and marketing services. Through its Bang Digital Media brand, the company is aiming to capitalize on the marketing requirements of the burgeoning recreational cannabis space.

Supporters of the marijuana industry should be celebrating this week’s passage of eight state ballot measures to permit its use by adults. That promises to triple the industry’s size in coming years. 

But harshing their buzz are several key allies of President-elect Donald Trump, such as his running mate Mike Pence, who are skeptical about the benefits of marijuana legalization.

Not surprisingly, many in the cannabis industry had expected Democrat Hillary Clinton to cruise to victory and were stunned when it didn’t happen. Now, they’re awaiting signals of how Trump will approach cannabis, even as the industry is set to expand significantly.

With each election cycle, marijuana is legalized in another batch of states. On Tuesday, California, Maine, Massachusetts, and Nevada legalized recreational marijuana, while Arkansas, Florida, and North Dakota approved marijuana for medicinal use. As legal weed becomes commonplace, it is the duty of cannabis advocates to look to the next battles.

Leafbuyer.com will immediately begin working with partners in each state and will deploy a huge marketing nationwide. Additional markets will allow Leafbuyer to scale its operations and offer a larger selection of cannabis deals to more consumers.

“We are excited to expand our platform to new and growing markets across the country. We are now beyond the tipping point. Our success in Colorado can be attributed to a customer-centric focus and intense grass roots marketing,” said Cayla Shortley, Director of Sales.

As the evidence supporting marijuana's healing properties continues to grow, the number of businesses getting involved with the commercialization of the plant also continues to expand. And despite the DEA's refusal to reschedule cannabis and relax federal laws surrounding marijuana, states continue to vote on and enforce their own laws surrounding the cannabis plant – particularly to acknowledge its medicinal properties.

So far, a number of states have legalized marijuana for medical use, and some have even legalized recreational use.

Medical marijuana was legalized 15 years ago, in 2001, and Canada’s health department estimated about 450,000 possible daily customers amounting to a $900 million industry, according to the Washington Post. Under the previous regulations, authorized patients were able to obtain a licence to grow marijuana at home.