These states will vote on cannabis legalization in November

Voters in Arizona, Montana, New Jersey and South Dakota will decide whether to legalize and tax recreational marijuana in November, while Mississippi residents will get to consider legalizing cannabis for medical purposes, according to CNBC and CNN.

Why it matters: Legalization in additional states could be a big opportunity for the marijuana industry, and new tax revenue from potential sales could help states and cities balance budgets hit hard from the coronavirus pandemic.

• Opponents argue the potential long-term effects of marijuana use outweigh any revenue-making benefits.

The big picture: So far, 33 states have legalized medical cannabis use, including 11 that have legalized cannabis for adult recreational use, per CNN.

• Illinois' first day of legalized marijuana in January 2020 resulted in more than 77,000 transactions, totaling about $3.2 million in sales.