Canada will likely legalize first (after 2015 election here). People will see that the wheels don't fall off and there is actually a net benefit to society and from there I think the US will follow with legislation that reschedules and lets each state determine the legal status of MJ.

There will be constitutional issues around citizens being jailed in one jurisdictions and not another so the courts will likely create even out the patchwork nature of legalization by effectively decriminalizing.

This process is likely to take about 8-10 but as it unfold our penny stocks will do quite well. We will all be very happy.

That is my best (educated) geuss.