The nation’s favorite illegal drug is (kind of, maybe, sometimes) legal: After residents of Washington State and Colorado voted in marijuana legislation more liberal than Amsterdam’s, the plant has become a substance no more controlled than liquor. A booming industry is emergent; just don’t expect to see owners of dispensaries dancing in the streets — after all, they’re still breaking federal law. Below, a state-by-state look at the tax revenue potentially generated by legalization, the drug’s for-sale status, and three successful startups.
This story is from the December 24, 2012 issue of Fortune.