Arizona just successfully passed a ballot initiative (Prop 207) that will have the state voting on legalizing recreational cannabis on November 7.
If Prop 207 passes, annual cannabis sales in Arizona would quickly jump above $1 billion. Today, I am going to reveal two early industry leaders that are in position to benefit if Arizona goes legal.
Arizona already has a thriving medical cannabis market. According to mjbizdaily.com:
- The state is one of the largest medical cannabis markets in the country, with projected 2020 sales of $770 million-$910 million, according to the new Marijuana Business Factbook.
- Retail sales of MMJ products in the state rose nearly 20% from 15,302 pounds in January to 18,083 pounds in May, according to the Arizona health department’s monthly reports.
- Like many states, Arizona determined MMJ businesses were essential during the coronavirus pandemic.
Adding recreational cannabis to the menu would be like pouring gasoline on a bonfire. Annual cannabis sales in Arizona would quickly jump above $1 billion.
Arizona voted on recreational cannabis back in 2016. The ballot measure narrowly failed 48.7% to 51.3%. Four years later, it’s likely that this new measure will pass. Legalization has widespread support from both parties.
Here are some more details from mjbizdaily.com.
Roughly 65% of likely voters favor the initiative, according to a May poll by High Ground Public Affairs Consultants.
More specifically, 47% of the respondents said they “definitely” would vote for legalization, while 18% said they “probably” would.
“We’re very confident (of passage),” Smart and Safe spokeswoman Stacy Pearson told Marijuana Business Daily.
“What our polling has consistently shown is that a significant portion of people who voted against marijuana legalization in 2016 have changed their minds.”
If Prop 207 passes, and I think it will, the Arizona cannabis market will see explosive growth in the next two years.
Many of the largest cannabis companies in the U.S. have been pouring capital into Arizona to cash in.
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