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Early last month I wrote about how Illinois is primed to become the "Marijuana Mecca of the Midwest," and it seems that we're not the only ones who know about it.
Now that shareholders have approved the landmark agreement for Acreage Holdings Inc. to be acquired by Canadian giant Canopy Growth Corp., Acreage is on the move.
After the deal closed on Thursday, Acreage CEO Kevin Murphy gave an interview at the Players Technology Summit in San Francisco in which he hinted at a number of "head-turner" acquisitions that the company has in the works.
While he was careful not to spill any specifics, he did make one thing clear.
Illinois, which last month became the first state to approve the sale of adult-use cannabis through legislation, will feature prominently in Acreage's plans. When asked about the coming market, Murphy said: "We have designs on going very deep and very broad in that state."
It will be especially interesting to see whether the company makes any moves to benefit from the potential for districts to opt in on "social consumption lounges" – something we thought might happen in Las Vegas, but it will be much more likely in Illinois.
However, when Acreage tries to enter "The Land of Lincoln," it's going to encounter a buzz saw.
We're tracking a couple companies in our portfolios who are already in the state, and they're going to give Acreage more than a hard time.