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On May 31, Illinois approved the legalization of marijuana. In fact, it became the first state to legalize it through legislation. By Jan. 1, 2020, Illinois' citizens will have legal access to recreational marijuana. And some of the best pot stocks will profit from this "marijuana mecca of the Midwest."
And it looks like we're not the only ones aware of Illinois' potential. On June 27, Canopy Growth Corp. (NYSE: CGC) acquired Acreage Holdings Inc. (OTCMKTS: ACRGF). Now that it's a part of Canopy, Acreage is making big moves.
At the Player Technology Summit, CEO Kevin Murphy said more acquisitions were underway. And while he didn't name any specific companies, he did clarify one major thing. And that's that Illinois would be a big part of its next steps.
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The rest of what Acreage does from this point forward is speculative. But one possibility would be the implementation of "social consumption lounges" in Illinois. Acreage planned to put these in Las Vegas. But with Illinois' legalization, it's looking like we'll see them there first.
But even with Acreage's big plans, it won't be as easy for the company to establish its dominance in the state. There are great cannabis companies already operating in Illinois. And we're looking at one that will give Acreage a run for its money. In fact, it has a possible upside of 117% within the year…
Check out the best pot stock to profit from the "marijuana mecca of the Midwest" below.