[420 Girl]

The two industries best positioned to capitalize on the legalization of marijuana are tobacco and pharmaceuticals. Tobacco is believed to have the upper hand, according to a CNBC package of stories on the subject.

Companies like Philip Morris and British American Tobacco already have the agricultural infrastructure in place, (fields of tobacco which could easily be converted to cannabis), a successful delivery method via cigarettes and well-established distributions channels. In fact, tobacco retailers are already the default mechanism for the distribution of medical marijuana in some states.

But don't count out the pharmaceutical firms.

One reason, perhaps, is that the pharmaceutical industry is sitting on drug delivery models that have greater appeal than cigarettes--especially among younger generations for whom smoking is increasingly taboo. Many would prefer using pills, skin patches, oral sprays and nebulizers, in which dosages are controlled, to taking a hit. That's especially true for non-recreational users seeking the healing properties of THC for various health ailments.

You'll be hearing a lot about these potential business models as California's ballot initiative on legalization draws closer. The measure would allow anyone 21 or older to possess, share and transport up to an ounce of weed for personal use. For what it's worth, 56 percent of Californians support legalization and 42 percent oppose it, according to a SurveyUSA poll. Three out of every four people in the 18 to 34 age group favored legalization. Other polls, however, show a much closer contest - and nationally, most still oppose legalization.

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