Here’s a little something I wrote for Cannabis Stock Trades. Enjoy!
The Midwest is emerging as one of the fastest-growing cannabis markets in the United States, with two early industry leaders cashing in on the incredible growth.
This Middle America revolution is being led by Illinois and Michigan. Both of these states recently legalized cannabis and both are seeing explosive sales growth.
Despite the depressed consumer spending, Illinois just reported another record month of cannabis sales because of COVID-19 and quarantine.
Here are some more details from the Chicago Tribune.
Illinois marijuana shops sold almost $61 million in recreational weed in July, beating the previous record set in June by $13.4 million.
In all, dispensaries have sold about $300.1 million in recreational marijuana since sales started in Illinois Jan. 1.
The sales figures have set new records every month since May. July’s sales were a 75% increase over February, the month with the lowest sales at $34.8 million.
Michigan is also quickly evolving into a multi-billion dollar cannabis market.
Similar to Illinois, Michigan just reported another month of record sales. Here are some more details from mjbizdaily.com.
Michigan’s 7-month-old recreational marijuana market is growing quickly, with sales up from nearly $7 million in the first month of sales last December to more than $39 million in May.
The Marijuana Business Factbook estimates Michigan’s 2020 adult-use sales will total between $400 million and $475 million, growing to $1.9 billion-$2.4 billion by 2024.
Looking forward, both of these states should see cannabis sales continue to tick higher for the next few years. We should see more cultivation and dispensaries pop up in Illinois and Michigan and that will help address current supply shortages.
2 Companies Leading The Midwest Cannabis Industry
Today I am going to share two companies that are already cashing in on Illinois and Michigan. These two stocks have a lot in common.
- These are industry leaders with market values over $1B.
- They are both multi-state operators.
- Both of these companies own cultivation facilities and dispensaries.
To read the full article click on the link below.
Disclaimer: This report is for entertainment purposes only. Every investor should consult with an investment advisor before making investment decisions. The Vodicka Group, Inc. is not a broker/dealer. We do not receive compensation for mentioning stocks. At various times, the clients, publishers and employees of Vodicka Group, Inc., may buy or sell the securities discussed for purposes of investment or trading.