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The 11th state to legalize the recreational pot will be … – The Motley Fool

In terms of speed, the marijuana industry has been virtually unstoppable in recent years. Once considered a taboo subject that lawmakers regularly swept under the carpet, cannabis has now become a major issue in the United States, as evidenced by the fact that 2 out of 3 Americans support broad legalization, according to Gallup.

Cannabis benefit has also been the driving force for state-level legalizations. Over the course of 24 years, we have gone from having zero approved medical or recreational states to 33 states with medical pot laws on their books. Of these 33 states, 10 allow adults to consume cannabis, while nine have retail pots (sorry, Vermonters).

With pot revenue that picks up at state level and polling clearly favors legalization, it seems to be just a matter of time before new states take the chance from the medical or recreation side of the equation. But to be clear, recreation sales are expected to bring in the lion's share of legal marijuana sales in the United States.

  A black silhouette of the United States, partially filled with, baggies of dried cannabis pre-rolled joints, and a scale.

Image source: Getty Images. [11659006] The 11th state to legalize recreational grass will be …

So which state seems to have an inside track of becoming the 11th to legalize adult marijuana? Had you asked a few months ago, it looked like a neck-and-neck battle between New Jersey and New York. Unfortunately, efforts to legalize marijuana in both states fell apart, nor do they seem to be able to pass legislation anytime soon. Instead, Land Lincoln seems to be in the pole position to become the 11th recruiting state.

As reported by Time and Chicago Tribune last weekend, Illinois Governor JB Pritzker, a Democrat, announced that he had entered into an agreement with key legislators in the state legislature to legalize recreational marijuana by January 1, 2020. The bill would allow Illinois residents to have over 30 grams of cannabis (slightly more than one ounce), with outlaws allowed to have up to 15 grams. Illinois residents will also be allowed to grow up to five plants. And as with all other legal states, the age limit for purchases will be set at 21 years and older.

In addition to just legalizing adult crimes, the bill announced by Pritzker will expel certain cannabis beliefs (for example, misdemeanors and class 4 felonies) and include a $ 20 million interest rate program. This loan program will help applicants open a licensed cannabis business that has lived in high-crime communities, or in communities with high levels of imprisonment or arrest for marijuana offenses.

  A tip over the jar filled with dried cannabis buds that is located on top of a small pile of money.

Image Source: Getty Images.

Then there are the very lucrative treasures on the recreational pot. Cultivators and processors will pay 7% of gross sales to dispensaries, with consumers paying at least 10% tax on cannabis recreational products. Products with less than 35% tetrahydrocannabinol (THC) content – cannabinoid that gets a user high – will have a tax rate of 10%, with products over 35% THC content (such as concentrates) with a 25% tax rate. Cannabis-infused beverages will sport a 20% tax rate. And just too well, municipalities and counties can add their own tax rates, which spread to 3% for the municipalities, and up to 3.5% for unregistered counties. At least 10% of the revenue from the legalization of the recreational pot will help Illinois cover unpaid bills.

According to the governor's office, although legalization was due to take effect on January 1, 2020, supply licenses for dispensaries would not be issued until May or June 2020.

These pot stocks are battling for bit for Illinois to legalize recreational marijuana [19659007] As we saw from Garden State and Empire State, even so-called secure things can fall apart. While the road to legalization seems clear, the bill will undoubtedly resist opposition. But if Illinois were to become the 11th state of OK adult-use marijuana, there would be quite a few happy campers in the cannabis industry.

To begin with, MedMen Enterprises (NASDAQOTH: MMNFF) Make the happy dance. Although the exclusive vertically integrated dispensing operator has an open space in Oak Park, it would make MedMen's $ 682 million share purchase to purchase private PharmaCann see everything sweeter. You see, PharmaCann was awarded six medical marijuana licenses in Illinois, which were the top of the state for the award. It has four open dispensaries that earn about 80% of the Chicagoland market, and it has two relatively local production facilities. With the infrastructure already in place, MedMen will only need to apply for a recreational license, or change its existing medical pot licenses, to get a lot of what can be a multi-billion dollar market.

  A large dispensing shop sign with a cannabis leaf and the word dispenser written below it. </p>
<p>  Image source: Getty Images. </p>
<p>  Recreational weed legalization in the Land of Lincoln will also be a feather in the hat of <strong> Canopy Growth </strong><span class= (NYSE: CGC) who announced the contingent acquisition of Acreage Holdings (NASDAQOTH: ACRGF) for $ 3.4 billion last month. If the US federal government legalizes marijuana, Canopy will, within a 90-month timeframe, have the right to acquire land, which currently has cultivation, processing or retailing in 20 states – best among vertically integrated dispensing operators. Among the 20 states is Illinois, where Acreage has a cultivation farm and two dispensaries. In other words, it will further anchor Canopy Growth in one of the US key markets.

The largest vertically integrated license dispenser (assuming all pending acquisitions close), Harvest Health & Recreation (NASDAQOTH: HRVSF) is also useful. In March, Harvest Health announced that it would acquire private companies Verano Holdings for $ 850 million in a corporation. Verano currently has two Zen Leaf dispensaries located in Illinois (one in Chicago and the other in St. Charles). While Harvest Health wants 130 stores in 17 states (again, assuming all the acquisitions are close), you can count on Illinois becoming a reasonably important part of its long-term strategy.

Now we just look and wait to see if Illinois lawmakers can deliver the green that the governor has promised.

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