Legal weed initiatives could inject $7.8B into the economy

Voters in nine U.S. states will decide on marijuana legalization initiatives come November.

And if just seven of those initiatives pass, a new report says those states could inject $7.8 billion into the nation's economy by 2020.

Of course, marijuana is still illegal under federal law.

But Arizona, Nevada, Massachusetts, Maine, Montana, Florida and California are all voting to loosen their own pot restrictions.

SEE MORE: Human Trafficking Is Booming In California's Shadowy Weed Industry

And the report from New Frontier Data and Arcview Market Research says it could mean big money.

RELATED: Marijuana laws by state

51 PHOTOS
Marijuana laws by state
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Marijuana laws by state

Alabama

No legalization of any kind

(Photo: Dennis Macdonald via Getty Images)

Alaska

Marijuana legalized for medical and recreational use 

(Photo: Zoonar/N.Okhitin via Getty Images)

Arizona

Marijuana legalized for medical use

(photo: TaylorB90/Flickr)

Arkansas

No legalization of any kind 

(photo: yorkfoto)

California

Marijuana legalized for medical use

(Photo: Dorling Kindersley via Getty Images)

Colorado

Marijuana legalized for medical and recreational use  

(Photo: Shutterstock)

Connecticut

Marijuana legalized for medical use 

(photo: Shutterstock)

Delaware

Marijuana legalized for medical use 

(photo: Shutterstock)

Florida

No legalization of any kind

(photo: Shutterstock)

Georgia

No legalization of any kind

(photo: Shutterstock)

Hawaii

Marijuana legalized for medical use

(Photo: Shutterstock)

Idaho

No legalization of any kind

(photo: Shutterstock)

Illinois

Marijuana legalized for medical use

(Photo: VisionsofAmerica/Joe Sohm)

Indiana

No legalization of any kind

(Photo: Shutterstock)

Iowa

No legalization of any kind

(photo: yorkfoto)

Kansas

No legalization of any kind

(photo: Shutterstock)

Kentucky

No legalization of any kind

(Photo: Dorling Kindersley via Getty Images)

Louisiana

No legalization of any kind

(Photo: Shutterstock)

Maine

Marijuana legalized for medical use

(photo: Shutterstock)

Maryland

Marijuana legalized for medical use

(Photo: Shutterstock)

Massachusetts

Marijuana legalized for medical use

(photo: Shutterstock)

Michigan

Marijuana legalized for medical use

(photo: Shutterstock)

Minnesota

Marijuana legalized for medical use

(photo: anthonylibrarian/Flickr)

Mississippi

No legalization of any kind

(Photo: Medioimages/Photodisc via Getty Images)

Missouri

No legalization of any kind 

(Photo: Shutterstock)

Montana

Marijuana legalized for medical use

(photo: J.Stephen Conn/Flickr)

Nebraska

No legalization of any kind 

(photo: Shutterstock)

Nevada

Marijuana legalized for medical use

(photo: Shutterstock)

New Hampshire

Marijuana legalized for medical use

(photo: Shutterstock)

New Jersey

Marijuana legalized for medical use 

(Photo: Shutterstock)

New Mexico

Marijuana legalized for medical use 

(photo: Shutterstock)

New York

Marijuana legalized for medical use

(photo: Shutterstock)

North Carolina

No legalization of any kind

(photo: Getty Images)

North Dakota

No legalization of any kind

(Photo: Shutterstock)

Ohio

No legalization of any kind

(photo: Shutterstock)

Oklahoma

No legalization of any kind

(photo: Shutterstock)

Oregon

Marijuana legalized for medical and recreational use  

(Photo: Shutterstock)

Pennsylvania

No legalization of any kind

(photo: Henryk Sadura)

Rhode Island 

Marijuana legalized for medical use

(Photo: Shutterstock)

South Carolina

No legalization of any kind

(Photo: Shutterstock)

South Dakota

No legalization of any kind

(Photo: Norman B. Leventhal Map Center at the BPL/Flickr)

Tennessee

No legalization of any kind

(photo: Shutterstock)

Texas

No legalization of any kind

(Photo: Shutterstock)

Utah

No legalization of any kind 

(Photo: Shutterstock)

Vermont

Marijuana legalized for medical use

(photo: Shutterstock)

Virginia

No legalization of any kind

(photo: Shutterstock)

Washington

Marijuana legalized for medical and recreational use 

(photo: Shutterstock)

West Virginia 

No legalization of any kind

(Photo: dk_photos via Getty Images )

Wisconsin

No legalization of any kind 

(photo: Kubrak78)

Wyoming

No legalization of any kind

(Photo: Space Images via Getty Images)

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The study also claims the entire cannabis industry in the U.S. could hit $20.6 billion by 2020, which is slightly less than what was predicted earlier this year.

Still, as New Frontier's CEO said in a statement, "The cannabis industry is one of the fastest growing sectors in the economy and continues to astonish those in and out of the space."

Currently, 25 states and the District of Columbia have laws legalizing marijuana in some form.

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