I wrote a report for Cannabis Stock Trades. Enjoy!
Illinois’ young cannabis industry continues to beat even the most optimistic projections. Recent sales data from March once again smashed expectations and hit a fresh all-time high.
Here are some more details from Marijuana Moment.
Monthly marijuana sales exceeded $100 million for the first time in Illinois in March, shattering the previous record.
According to the state Department of Financial and Professional Regulation, adults spent $109,149,355 on recreational cannabis products in March. That’s nearly $30 million more than the prior month and $20 million more than the last record that was set in January.
If this trend keeps up, Illinois could see more than $1 billion in adult-use marijuana sales in 2021. And that would translate into a significant windfall of tax revenue for the state. Last year, Illinois sold about $670 million in cannabis and took in $205.4 million in tax revenue.
Looking forward, the pace of growth should actually accelerate. Illinois is set to unleash 75 new cannabis permits. This influx will bring more product online in the next six months in areas that are under-served or not served at all.
Here are some more details from the Chicago Tribune.
Illinois lawmakers plan to create 75 new cannabis store licenses to give poor and minority applicants another chance at entering the billion-dollar industry after being excluded by the current system.
The proposed law would double the number of new retail licenses created last year but not yet issued for recreational pot businesses and would attempt to remedy problems with how applications for the licenses are scored. Those problems resulted in a rash of lawsuits challenging the results and have delayed licenses that were supposed to be awarded by July of last year.
These results show that Illinois has grown into one of the largest and fastest-growing cannabis markets in the U.S. and this is an opportunity that cannabis investors should be watching closely.
3 Stocks to Capitalize on Illinois’ Growth
#1 – Cresco Labs (CSE: CL, OTC: CRLBF)
Cresco is headquartered in Chicago, Illinois, has a market cap of $2.7 billion. It is one of the largest players in the high-growth U.S. cannabis industry. Cresco owns 10 dispensaries in Illinois and is the largest cannabis wholesaler in the state. Cresco shares have rebounded big in the last year and are currently consolidating just below the all-time high.
If you would like to read the rest of this article click the link below.