America's marijuana industry could be worth $50 billion in 10 years

The legal marijuana industry in the U.S. could grow to be worth $50 billion over the next decade, eight times its current size, according to a recent market analysis. Nine states have pot-related initiatives on the ballot this November, five to legalize the drug for all adults and four to allow it for medical use.

If California votes to legalize pot (the Golden State already permits medical use), that alone would potentially triple the nation's existing $6 billion pot industry. Currently, four states (Alaska, Colorado, Oregon, and Washington) and the District of Columbia have legalized recreational marijuana, while 25 states allow medical use.

Most of the legal pot market is made up of small businesses. But as legalization expands, analysts expect that large tobacco companies experienced with vapor technology and crop growing may enter the fray — potentially revolutionizing and dramatically expanding the industry.