The marijuana industry could quadruple in size after the 2016 elections, according to a new study released Wednesday.

The Los Angeles-based cannabis firm MedMen projects legal pot sales in the U.S. could increase by $20.5 billion per year after voters in nine states weigh ballot measures that would legalize recreational marijuana.

“The potential of this industry is undeniable,” MedMen CEO Adam Bierman said. “The question is how we make sure it is done in a safe, responsible and controlled manner.”

The recreational use of marijuana has already been legalized in Colorado, Washington state, Oregon, Alaska, and Washington, D.C., and another 21 states permit medical marijuana.

These states account for about $7 billion in legal marijuana sales each year, according to MedMen.

But that figure is projected to explode to as much as $27.5 billion, depending on how many more states legalize pot on Election Day. [Read more at The Hill]