Weekly Wrapup: Beyond the headlines for the week ended June 7, 2019

Here’s a recap of the top newsmakers and deals that caught our eyes here at Investor Intelligence this week – plus a look at what we’ll be watching for next week.

Leading the Way in Illinois

The May 31 move by Illinois lawmakers to legalize recreational marijuana has kept our Marijuana Business Daily team busy this week.

In case you missed it, our reporters have been cranking out some great coverage that breaks down what all of this will and could mean.

Among the key takeaways:

  • Existing medical marijuana license holders (55) would get an early start and could begin adult-use sales on Jan. 1, 2020. The licensees also could each open an additional store. That means up to 110 stores could be selling rec cannabis by early 2020.
  • Current market leaders in Illinois include Cresco Labs (CSE: CL) and Green Thumb Industries (CSE: GTII). Both firms are based in the state, and each operates five medical dispensaries – the maximum allowed. Cresco, perhaps, has a bit of an advantage, with a portfolio of products already on medical dispensary shelves there.
  • MJBizDaily projects the Illinois rec market could eclipse $2 billion in annual sales a few years after the program launches in early 2020 – possibly reaching $2.5 billion a year depending on tourist purchases.

Curated with you in mind: Other top stories worth your time

  • With revenue of $8.6 billion-$10 billion, 2018 sales of legal recreational and medical cannabis in the United States topped spending on e-cigarettes, the Fortnite video game and Goldfish crackers combined. The data – published in the 2019 edition of the Marijuana Business Factbook – highlights how quickly the legal U.S. marijuana industry has grown.
  • Ohio-based medical marijuana company Green Growth is moving into Florida through a $54.7 million agreement to acquire Spring Oaks Greenhouses. The acquisition, expected to close in August, would allow Green Growth to operate up to 35 dispensaries in Florida’s sizable medical cannabis market.
  • A bipartisan coalition of 12 governors from states that have legalized medical or recreational cannabis sent a letter to congressional leaders, asking for their support in getting a major marijuana reform bill through the U.S. House and Senate.

Next Week:

MJBizConNEXT: We’re in New Orleans next week for our annual MJBizConNEXT, which runs Wednesday through Friday. This is your opportunity to meet and hear directly from leaders and executives who are driving the cannabis industry forward. You can connect with me Thursday during our Money Matters series – where we’re hosting discussions with leading investors, brokers and analysts on the top trends and opportunities unfolding. We hope to see you!

We want your feedback!

As an early subscriber to Investor Intelligence, your experience with us is of high value and we would love your feedback. Please feel free to email me directly at lisabk@mjbizdaily.com with your thoughts on what you value most from your subscription and what more you would like to see. Looking forward to hearing from you!

With that, enjoy the weekend!

Sincerely,

Lisa Bernard-Kuhn

Editor, Investor Intelligence