Up to a dozen states could be voting on marijuana initiatives come November, but these three states are by far the most important for the industry.

According to cannabis research firm ArcView Market Research, legal marijuana is the fastest growing industry in the United States, and it very well could keep this title, or stay very near the top in terms of growth for years to come.

The latest report from ArcView projects a compound annual growth rate for the legal marijuana industry of 30%. This would mean the estimated $5.4 billion in legal marijuana sales from 2015 could translate into north of $22 billion in legal sales by 2020, with or without federal legalization of the drug.

This rapid growth is what's got the attention of select states and lawmakers, who see the money-making potential of this little green bud.

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Sean Williams ~ The Motley Fool ~