Cannabis is set to go legal in Illinois on January 1, 2020. Analysts are predicting Illinois will grow into one of the largest cannabis markets in the US, with annual sales between $1.5 billion and $2 billion. Today I am going to reveal a promising young cannabis company that is ready to cash in on Illinois going legal.
The cannabis sector continues to struggle in a bear market after Canopy Growth Corp (WEED, CGC), the largest cannabis company in the world, reported disappointing second quarter results after the bell yesterday. Today I am going to provide a sector update and share my outlook for the next few weeks.
Harborside is a major player in the California cannabis industry – it has been around since 2006 and was one of the first six companies in the state to get a license to sell medical. From there the company has flourished. Today Harborside owns 34 dispensary licenses with more than 300,000 registered customers.
The Illinois Senate just passed a bill to legalize recreational cannabis – placing Illinois in position to grow into one of the largest cannabis markets in the US. Today I am going to reveal two cannabis industry leaders ready to capitalize – Cresco Labs (CL, CRLBF) and Green Thumb Industries (GTI, GTIBF).
The cannabis sector suffered a very tough bear market in the fourth quarter of 2018. The cannabis sector became over sold – and it ended up creating a great buying opportunity and a sharp rebound in the first quarter of 2019. Looking forward I am optimistic on cannabis stocks. June and the second half of the year have been seasonally strong periods for the cannabis sector.