Illinois is proving the profitability of a safe, regulated market…
In the first month of legal recreational sales, Illinois hauled in $39.2 million, putting the state on pace for $470 million in total sales for 2020.
Across dispensaries in Illinois, there were reports of five-hour waits, with lines stretching around the block. And a good chunk of the cannabis enthusiasts willing to brave the elements were not even from the Prairie State.
Out-of-state visitors spent $8.6 million in Illinois in January, and that sales total is only going to increase.
“Illinois has a really strong advantage, being in the middle of prohibition territory,” Bethany Gomez, Managing Director of Cannabis Research at Brightfield Group said in a statement.
Bordering Wisconsin, Iowa, Missouri, Indiana, and Kentucky, Illinois is in the perfect spot to capture the money people want to spend on legal, tested, and safe products.
Political Pressure to Legalize Cannabis Is Mounting
Politicians clinging to outdated beliefs in states bordering Illinois will get the message this year that legalization is inevitable.
They’ll see new tax dollars that could have been spent in their state, and they will want a piece of it. Collectively, legalization will help turn illicit sales into legal sales, which is what will move the needle for cannabis stock prices.
New Frontier Data, a company with the mission to be the intelligence authority for the cannabis industry, projects that all cannabis sales in North America were $86 billion in 2018.
As a reference, legal sales in the United States in 2018 were $10.8 billion.
That means more than $70 billion in sales were conducted in the black market. That’s a lot left on the table that should be trickling into the legal market, and that’s why legalization is so important for cannabis investing.
Claim your stake before full legalization in the U.S., and you could potentially see profits of 626% or more. Find out how.
Ultimately, when companies are allowed to sell recreational cannabis in any state, those revenues will be reflected in incredibly higher stock prices.
And as my friend and colleague Michael Robinson just wrote about, legalization done right is the key to the cannabis industry.
Don Yocham, CFA
Executive Director, National Institute for Cannabis Investors
February 13 2020