Colorado voted to legalize smoking marijuana Tuesday, but the governor warned those excited by this new law to not to "break out the Cheetos or Goldfish" just yet. You see, the federal government still takes a dim view of pot. The odds are there will be some legal challenges to the new law. And when that happens, the law gets put on hold until the legal stuff gets sorted out.

Colorado joined Washington State in becoming the first states to legalize recreational use of marijuana Tuesday night, setting up a battle between the states and the federal government, which prohibits use of the drug.

The measure in Washington State will legalize and regulate the production, possession and distribution of marijuana for residents age 21 and older.

The new law will impose a 25 % tax rate on marijuana in all steps as it moved from production to sale. So those who did the numbers on this claim the measure could bring in $500 million.