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2020 will be the year of widespread state cannabis legalization. But it will pass before you know it. Here's why you need to act quickly.
Then we'll dive into the latest catalyst for one of the best marijuana stocks to buy in 2020 (it's actually changing the world).
We're getting closer to full marijuana legalization with each day. So to get the most out of this industry boom, we're going to share some of our top cannabis stories this week.
In almost every state, a majority of voters want some kind of social cannabis reform. And politicians are looking for inroads to generate tax revenue and reduce budgets.
So first up, this state recently generated millions of dollars after legalizing recreational marijuana…
The $10.8 Million Cannabis Opportunity
On New Year's Day, Illinois became the 11th state in the U.S. to legalize recreational marijuana. Yesterday, Toi Hutchinson, senior advisor to Gov. J.B. Pritzker on cannabis control, announced that the state generated more than $10.8 million in legal marijuana sales over the first five days.
During its first day, the state saw 77,128 transactions valued at $3.18 million in sales. That first-day sale easily topped the roughly $1 million in sales during Colorado's first day of legal cannabis in 2014. The figure also beat the $3.1 million generated recently in Michigan during its first two weeks combined of legalization.
Illinois has also finished its first round of applications for new dispensary licenses. More than 700 applicants are seeking roughly 4,000 licenses to sell legal cannabis. The Department of Revenue will award up to 75 new licenses and announce them on May 1, 2020.
This sort of revenue explosion is exactly what makes legalization in this next state so exciting…
Why This Unlikely State May Legalize Cannabis
Multiple states plan to let the voters decide whether to legalize marijuana in 2020. And the most recent among those is South Dakota.
A measure to legalize cannabis has officially qualified for South Dakota's 2020 ballot. Though South Dakota has lagged behind other states in legalizing cannabis, its lawmakers are now trying to capitalize on the tax potential, reform criminal justice laws, and create a market that could bring millions in revenue.
A proposed constitutional amendment would allow adults over the age of 21 to possess and distribute up to an ounce of cannabis. It would also allow individuals to grow up to three cannabis plants.
This ballot measure comes a month after the state approved a different ballot measure for full marijuana legalization. Now, in the 2020 election, South Dakota residents will have two separate ballot measures on cannabis legalization. This is historic because it would be the first time voters decide on both medical marijuana and recreational marijuana on the same ballot, according to the Marijuana Policy Project.
The state is also preparing to legalize industrial hemp after a similar ballot failed to pass in 2019. But that's not the only big cannabis news today.
Now, here's how one of the best cannabis stocks right now is changing the world…