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.
The Best Weed Stock in Illinois
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The best pot stock, of course, is Cresco Labs Inc. (OTCMKTS: CRLBF). And this firm is one of the biggest multi-state operators (MSOs) in the cannabis industry. Plus, its headquarters is in Illinois.
In fact, Cresco has five in-state dispensaries already. But it's not stopping there. The firm's executive VP of retail operations, Jourdan Kurtz, told MJBizConNEXT that Cresco is making five more. Plus, the company is shooting for even more marijuana licenses.
But Cresco's advantage goes beyond simply being there before Acreage. In fact, Illinois' new marijuana laws are beneficial to Cresco. They have components of social justice reform and tax structures that favor craft marijuana growing.
These don't exclusively help Cresco. But it makes it hard for the out-of-state competition to penetrate Illinois' market. In fact, Acreage will have a very hard time entering a market, even with the muscle of Canopy.
The National Institute of Cannabis Investing first recommended Cresco months ago. At the beginning of July, our readers saw 100% on their returns. But Cresco is far from done growing. In fact, with recreational pot becoming legal in Illinois on Jan. 1, 2020, it'll soar much higher.
Cresco stock currently trades for $8.48. But with a target price point of $18.38, it's expected to skyrocket 117% over the next 12 months.
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