The Illinois Cannabis Market Is Well On Its Way To Joining The Tres Commas Club

Although the United States (US) cannabis industry continues to be under pressure, states have been reporting strong sales data and we consider this to be a bullish indicator for the sector.

Earlier this week, the Illinois Department of Financial and Professional Regulations (IDFPR) reported more than $130 million of recreational cannabis sales in April. This is the first time the state has generated more than $130 million of recreational cannabis revenue in back-to-back months and we find this to be significant.

When compared to March, Illinois’ reported almost $1 million more of recreational cannabis revenue in April and we are favorable on this. Although recreational cannabis sales increased more on a month-over-month basis in 2021 (from a dollar amount and a growth percentage standpoint), we believe the market was expecting the state to report lower sales numbers in April and are favorable on how the industry has been performing.

Another attractive data point for the US cannabis market is related to the performance of Massachusetts’ recreational industry on April 20th. According to Massachusetts Cannabis Control Commission (CCC), the state reported that more than 200,000 cannabis products were sold on the cannabis holiday. The number of cannabis product sold was a record for the state and we are bullish on how the industry has advanced since last 4/20 holiday.

From the opening of New Jersey’s recreational cannabis market to receiving support from major corporations like Amazon, we believe the US cannabis industry is reaching an inflection point. With midterm elections around the corner, we expect to see a larger push on the legislative front from both Democrats and Republicans.

Cannabis is one of the few topics to have bipartisan support in the US and we expect support to continue to increase ahead of midterm elections. We have been surprised by the performance of publicly traded cannabis companies and believe that any advancement from a legislation standpoint will serve as the most significant catalyst for the entire sector.

If you are interested in learning more about companies that are capitalizing on the US cannabis industry, please email support@technical420.com with the subject “Leading US Cannabis Operators” to be added to our distribution list.

For the fastest access to data on companies that are capitalizing on the US cannabis industry, sign up for our free newsletter!