Michigan raked in $270,414 in taxes on sales of over $1.6 million during its first week of selling legal, recreational marijuana. Shops couldn't keep up with demand.
But it gets even better.
The state government estimates that Michigan could see nearly $100 million in tax revenue on almost $1 billion in sales next year. This kind of cash is going to make it hard for even the most hardened anti-marijuana states to pass up the opportunity.
Voters in the state approved marijuana legalization in 2018. Now, licensed merchants can sell legal weed, growers can grow it, and processors can bring products to market. Anyone 21 or older can now buy and possess marijuana. And the next round of licensing is coming to increase the entire supply chain.
As the first state in the Midwest to legalize, Michigan serves as the model for its neighbors. Illinois already voted to follow and expects to begin sales on Jan. 1 of the coming year, kicking off what should be another huge year for cannabis.
And 10 other states are potentially voting on legalizing marijuana in 2020 alone. Make no mistake; you still have a shot to get in early on the cannabis industry. In fact, there are still 40 states left to fully legalize marijuana.
Most of the 2020 presidential candidates support federal legalization, too. Even some of the most hardline anti-pot states are easing restrictions.
Money Morning Director of Cannabis Investing Research Greg Miller said that full U.S. legalization could make the cannabis market "jump to over $300 billion practically overnight."
Already, Las Vegas has transformed into one of the most important cannabis markets in the world thanks to its status as a premier tourist destination. No longer is the only top attraction gambling or shows and entertainment: Cannabis is attracting tourists by the busload.
But there is a challenger standing in the wings. It's a little colder and windier, but it attracts even more visitors than Sin City.
This State's Cannabis Legalization Could Create a "Marijuana Mecca"
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Greg Miller thinks Chicago could become a "Marijuana Mecca." It's in the hunt to become a billion-dollar marijuana market nearly overnight.
As we said, Illinois already legalized marijuana; it's only a matter of ironing out the licensing and business regulations. And it couldn't have happened at a better time.
The industry has matured quite a bit since Canada legalized weed in 2018, especially as more and more U.S. states legalize it. More distribution, fewer legal hurdles and roadblocks, and more customers is the recipe for a huge - but sustainable - growth path.
This year's early declines in marijuana stocks created tremendous value. You can invest at last year's prices in companies that now have it all figured out.
It is just an opportunity too exciting to ignore...
Illinois Becomes the 11th State to Legalize Cannabis (Making More People Rich)
Cannabis laws are being reformed en masse: Illinois has not only become the 11th - and second largest - state to legalize marijuana, but the first to do so by way of state legislation.
That means the medical, personal, and economic benefits of "America's Green Gold Rush" are appealing to Republicans and Democrats alike.
One cannabis research executive is hailing Illinois the "Marijuana Mecca of the Midwest," a hallmark of the rising uncapped profit potential ahead.
Once the feds end cannabis prohibition nationwide, all bets will be off - demand will boost share prices through the roof. But you can still get in on the ground floor, just in time for what could be the windfall of the century.
Illinois is already housing some of our top picks in the industry, so a few of our favorite stocks could get yet another boost.