On Election Day, majorities of voters in New Jersey, Arizona, South Dakota, and Montana cast their ballots to legalize recreational marijuana. That brings the share of the country where adult-use cannabis is legal to 15 states plus Washington, D.C. Additionally, another 20 states have legalized the use of marijuana for medical purposes. Next year, Florida, New York, and Ohio are likely to pass their own legalization proposals, at which point one in two American adults would live in a state where possessing cannabis is not a crime. Due to those legal hurdles coming down, marijuana stocks have been on fire over the past week. The Horizons Medical Marijuana Life Science ETF (TSX: HMMJ), a benchmark fund that tracks the overall performance of the industry, rallied by more than 25% in just five trading sessions. Today, let's consider two U.S. marijuana companies that have the potential to surge ahead on the green wave that's rippling across the nation, and discuss why you should consider grabbing some shares of each before they deliver their earnings reports this month. Image Source: Getty Images. Cresco Labs Founded in 2013, Cresco Labs (CNSX: CL) (OTC: CRLBF) is one of the nation's fastest-growing marijuana companies. It currently operates 19 dispensaries across nine states, and its products are sold in more than 780 dispensaries. Based on its second-quarter revenue of $94 million, Cresco Labs is the third-largest cannabis producer in the U.S. Further, with annual revenue growth of more than 212% in Q2, it's among the fastest-growing operators in the industry. Among the states where it's having its best-performance -- California. In the nation's most competitive marijuana market, it delivered quarter-to-quarter sales growth of 41%. Right now, the company is trading at a price-to-sales ratio of 7.7, which may seem like a hefty premium. However, investors have good reason to think they'll be getting their money's worth, as the company more than tripled its revenue year over year in the second quarter. Cresco Labs will report its third-quarter results on Nov. 18. GrowGeneration One of the biggest beneficiaries of the U.S. legal marijuana will be GrowGeneration (NASDAQ: GRWG). As states give people the right to grow their own cannabis plants, that could shift some sales away from producers, and GrowGeneration provides the nutrients, additives, lighting, fertilizers, and environmental control solutions those growers will need. The company runs the nation's largest hydroponic garden center chain, with 28 stores across 10 states. As such, it offers an essential service to hobbyist cannabis growers and industrial-size producers alike. In addition, GrowGeneration also supplies the needs of hydroponic growers of a host of other agricultural products. Last year, the company's revenue increased by 175% to $76.4 million. And in 2021, management expects it will be able to bring in up to $260 million in sales and $28 million in operating income, excluding non-cash items (EBITDA). The company also plans to grow its store count to 50 by then. GrowGeneration's shares look expensive too, trading at a price-to-sales ratio of 5. But, as with Cresco, that high valuation suddenly looks cheap when viewed in the context of its revenue growth -- 123% year over year in Q2. Hence, it wouldn't be a bad idea for investors interested in marijuana stocks to put both companies on their watch lists. GrowGeneration will report its Q3 earnings on Wednesday. 10 stocks we like better than Cresco Labs Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Cresco Labs Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Zhiyuan Sun has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Cresco Labs Inc. and GrowGeneration. The Motley Fool has a disclosure policy.Source