Nine states will vote in November on whether to legalize medical or recreational marijuana, or both.
Leading up to the elections, the industry's penny stocks are trading as if most states will say yes to legalization.
Shares of marijuana firms that trade over-the-counter — not via central exchanges like the Nasdaq — are rallying in the run-up to the votes.
Companies in the industry struggle to get approved to list on the major exchanges partly because marijuana is still illegal under federal law.
