After a false start in Canada that has let legalization come in with a whimper more than roar, cannabis investors are looking for something to revive the once rapidly rising market.

One thing that could reignite optimism for the $200 billion market would be legalization in the United States.

According to J. Smoke Wallin, President of Vertical Companies, a California-based company that deals with distribution, product development, branding, and marketing of cannabis products, thinks that catalyst could be nearer than many think.

"Earlier this year, I would have said [legalization is coming in] three to five years," he said. "Fast forward to now and I think its 12 to 18 months."

If given the opportunity to grow in the United States, Smoke sees the disruption across industries including alcohol, consumer packaged goods, and pharmaceuticals accelerating.

To be sure, Smoke's experience as a dot-com business leader in the midst of that bubble makes him cognizant of the risk present as the industry matures, something that has been highlighted by Canopy Growth Corporation (CGC - Get Report) CEO Bruce Linton.

"The handful of companies that execute and know what they're doing and build real business are going to be hugely successful," he said. "But there's going to be a lot of fallout from the others."

Check out Smoke's interview with Real Money's Kevin Curran as they break down all you need to know from industry consolidation to legalization to the potential disruption the green substance can wreak across a number of industries.