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.
#2 – Green Thumb Industries (CSE: GTII, OTC: GTBIF)
Green Thumb is also headquartered in Chicago, Illinois, has a market cap of $6 billion. Green Thumb is also an early leader in Illinois, operating seven dispensaries and leasing one of the largest cultivation facilities in the state. Green Thumb shares are also up big in the last year, but are currently down about 25% from the 52-week high.
#3 – Verano Holdings (CSE: VRNO, OTC: VRNOF)
Verano has a market cap of $2.3 billion and is also headquartered in Chicago, Illinois. Verano currently owns and operates seven dispensaries in the Chicago-land area with plans to continue adding more locations this year and beyond.
Verano just went public, shares began trading on the Canadian Stock Exchange in early February. Shares are off to a slow start but in the long run, this company and stock are in a position to cash in on the U.S. cannabis industry and Illinois.
The Big Picture
Illinois’ legal cannabis market is booming.
March sales just hit a new monthly record and the state is on pace to do more than $1 billion in sales in 2021.
Investors looking to cash in on this powerful trend should check out Cresco, Green Thumb, and Verano. These companies are all early leaders headquartered in Chicago, Illinois.
About the Author & Cannabis Stock Trades
Michael Vodicka is an equity analyst with more than 20 years of experience trading and investing. His research has been featured in some of the industry’s most respected publications. He has been investing and leading investors in the cannabis sector since 2013.