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Nasdaq Cannabis Stocks Spike in Volume Ahead of Election for Recreational and Medical Use

This run in stock prices is also boosted by the massive gains that Canadian licensed producers are showing investors, Spatafora said. Canada is also expecting several IPOs such as Emblem Cannabis (TSX: EMC) which is expected to which will go public end of November.

"The Canadian run can prop up the U.S. market well into the spring when their national cannabis law takes effect," he said. "So long as investors are taking profit along the way rather than let greed dominate their accounts, the bubble will not burst."

Economic Impact of State Approval

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An approval in Florida means the state's economy would benefit, because "cannabis has a drastic impact on real estate since entrepreneurs need legal means other than cash vaults to store their earnings due to banking restrictions," Spatafora said. "This could inevitably be a residual benefit of cannabis passage that most people are missing."

Recreational passage in California will have a smaller effect on them market since it is already a medical state which currently consists of about 75% of the total U.S. cannabis market, he said. The other states seeking approval are Arizona, Nevada, Massachusetts and Maine.

"Passage in California will only expand those numbers, but the more interesting state is Florida," Spatafora said.

Colorado's passage of both recreational and medical use in 2014 proved to be a groundbreaking test case for entrepreneurs and legislators and has generated hundreds of millions of revenue in taxes.

"The state was a crash test dummy of the industry and for...