4 states legalized recreational weed this week - here's how they'll spend the extra tax money

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marijuana recreational medical legalization

Marcio Jose Sanchez/AP

Over 63 million Americans now live in states where it's legal to consume recreational weed.

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Americans said "yes we cannabis" on Election Day, when voters in California, Maine, Massachusetts, and Nevada passed ballot initiatives fully legalizing the use and possession of marijuana without a doctor's recommendation.

The four states, plus three additional states that approved medical marijuana programs, could inject $7 billion to $8 billion a year into the legal marijuana marketplace by 2020, according to preliminary estimates from The Marijuana Business Daily.

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Newly legalized pot will have a major impact on tax revenue, though these markets may take years to get up and running.

Here's how California, Maine, Massachusetts, and Nevada plan to spend their extra tax dollars.

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