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Illinois started things off right in 2020 by legalizing recreational cannabis sales on the first day of January.
This is very significant. In the first year, projections show Illinois could be a cannabis market worth $2 billion.
One of the main reasons Chicago is going to be the "Marijuana Mecca of the Midwest" is because of tourism.
When Rahn Emanuel became mayor in 2011, one of his focal points was to get more people to visit Chicago. The city had about 39 million visitors when he first took office.
In 2017, the city set a record with 55.2 million visitors. Then it upped that number to 57.6 million in 2018. And I can only see it climbing higher from there.
But outside of the tourism, there's another reason I was so excited for Illinois to launch recreational sales.
Frankly, I believe it was one of the best days in cannabis history. Here's why...
About the Author
Greg Miller started working on Wall Street in September, 1987, just a month before the “Black Monday” stock market crash.
During his career there, he became an expert in just about every kind of publicly traded security - from blue-chip and small-cap stocks to municipals, junk bonds, and derivatives. As a portfolio manager, Greg was responsible for over $500 million of assets in mutual funds and insurance company accounts.
After leaving the Street, he designed a successful options trading strategy and made lucrative tech investments for a financial publication. He has also helped develop new products and worked with other editors to hone their strategies. He’s always been dedicated to deep, fundamental research - and he always will be - because he believes buying the very best companies at the right price is the best way to amass wealth in the stock market.
If all is so positive, Michigan, Illinois – then why are the cannabis stocks
continuing to fall?
Franz