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The U.S. election opened a small but noteworthy gap between Canadian and U.S. cannabis companies last week, underscoring all of the unanswered questions that investors face as access to pot spreads across the world’s largest economy.

New Jersey, Arizona, South Dakota and Montana voted to legalize recreational use last week, while Mississippi and South Dakota will allow medical marijuana. This puts about 21 million more Americans in the reach of cannabis products -- more than half Canada’s total population of 38 million.

It's the moment for which advocates of legal marijuana here have been waiting: Mexican lawmakers, working under a court order, have until mid-December to finalize rules that will make the country the world's largest market for legal pot.

Advocates have long argued that legalization would put a dent in the black market; allow for safe, regulated consumption; create jobs; and cut down on crime.

After years of near-misses, Gov. Andrew Cuomo expects New York legislators to finally legalize marijuana in 2021, getting over past opposition and division for one simple reason - the state needs the money.

In 2018, the cannabis industry represented more than $10 billion and could reach $30 billion in 2026 according to a projection by New Frontier Data, a firm of analysis and research on the cannabis industry, or even $70 billion according to Grand View Research. It would then be equivalent to the tobacco business across the Atlantic. Several American states might now legalize cannabis.

Back in August, I believed that 2020 could still be a big year for the cannabis legalization movement. Yesterday, voters finished casting votes in five states to determine whether or not to legalize cannabis use. Here are the results for Arizona, Mississippi, Montana, New Jersey, and South Dakota.  

1. Aphria

Trading at merely 3.5 times sales and 1.1 times book value, it may be surprising that to see that Aphria's (NASDAQ:APHA) valuation is at rock bottom despite being the biggest marijuana company in Canada in terms of gross revenue. The company controls 14% of Canada's cannabis market share, which is 20% more than competitor Canopy Growth Corp (NYSE:CGC).

When you think about it, the cannabis plant is a pretty amazing specimen. Not only do these green leafy plants have the potential to boost creativity and productivity in an individual, but they also have some amazing medical uses for conditions ranging from Alzheimer’s Disease to eating disorders.

Cannabis stocks were mostly trading lower Wednesday and for good reason: a "blue wave" result from Tuesday's presidential election isn't going to transpire, CNBC's Jim Cramer said on "Squawk on the Street."

What Happened: Heading into Tuesday's election, a major Democratic victory across multiple branches of the government was considered to be a major catalyst for cannabis stocks.

"There was a belief that a blue wave would immediately mean that everybody can start smoking recreationally and drinking," Cramer said.

After years of legislative failures, New Jersey voters on Tuesday authorized the legal use of recreational marijuana in a year when supporters rallied around the disproportionate number of arrests for the drug in minority communities.

Arizona's ballot measure to legalize marijuana passed Tuesday with voters deciding to join 11 other states that have done so despite a conflict with federal law, according to The Associated Press.