In the upcoming election, a clutch of U.S. states will decide on the legalization of marijuana.

All told, four states currently have some kind of legalization proposal regarding recreational sale and use on the ballot for the Nov. 3 vote -- New Jersey, Arizona, South Dakota, and Montana. The two most populous states in that group, New Jersey and Arizona, are polling in favor of legalization.

A hand separates the prefix "il" from the word "illegal" spelled out in dice next to marijuana leaf symbols.

Image source: Getty Images.

Finally, Mississippi will choose whether or not to allow medical marijuana, although recreational consumption and sale will remain illegal. Other "deep red" states, such as Arkansas and Utah, have recently legalized cannabis for medical use.

All told, 33 states plus the District of Columbia have legalized medical marijuana. Of that number, 11 have also given the green light to recreational use and sale of the drug.

A federal-level bill on full legalization throughout the U.S. is scheduled to receive a vote in the House of Representatives later this month. However, most experts believe it has almost no chance of surviving in the Senate, as some of the leading Republican figures in that body are adamantly opposed to the idea.

If at least some of the five marijuana measures pass in November, many marijuana companies will benefit from the improved legal environment.

One interesting and rather sideways tandem play on this would be Canada's Canopy Growth (CGC -10.64%) and U.S.-based peer/partner Acreage Holdings (ACRGF). The two have a deal in place under which Acreage will be acquired by Canopy Growth only when and if marijuana is fully legalized at the federal level.