The marijuana industry had an incredible 2016, and pro-legalization enthusiasts are hoping that momentum carries over into 2017.

Heading into 2016, there were 23 states that had legalized medical cannabis and four (Washington, Colorado, Oregon, and Alaska) that had legalized recreational pot. This in itself was impressive considering that, just two decades prior (1996), California became the first state to legalize any form of marijuana with its Compassionate Use Act for a select few medical patients. In 2017, five additional states wound up legalizing medical cannabis, two of which did so entirely through the legislative process, while residents in four more states (California, Maine, Massachusetts, and Nevada) approved recreational marijuana initiatives.

The expansion of state-level pot represents two key trends. First, we're witnessing a growing favorability toward marijuana from the public. National pollster Gallup found that 60% of Americans supported the idea of legalizing weed nationally in its latest poll,...