Illinois is emerging as a leader among cannabis states, and two companies stand out as a result
One of the most common growth strategies among cannabis ventures is to expand their services to new emerging markets, although some other have found success in just one market. Some of them have better performances than others, with some ventures being exceptionally good like the young Illinois recreational cannabis market that started operations this past January. Since the market began with a record sale of $39 million during the first month, it has continued to break more records, despite the effects of the coronavirus pandemic. Therefore, a couple of stocks might be looking at some great projections due to their operations in the Illinois market.
The first Chicago-based marijuana stock to pay attention to is Cresco Labs, which just announced the opening of its eighth dispensary in Illinois through its Sunnyside brand. The company already has plans to open one more store in the state in the near future. Based on the latest financial results reported on May 28, the company saw quarter record sales of $66.4 million. Cresco itself considers that this growth in its volume comes from the success the company is seeing in this market in particular. The latest quarter reported more than 60% increase compared to the previous quarter – on that previous quarter the legal market in Illinois had not yet started.
The second cannabis stock to look at is Green Thumb Industries, which is also based in Chicago. The company has opened a total of seven dispensaries in its home state. Two of them operate under its 3C Compassionate Care brand and the other five operate under Rise, which is the company’s most popular brand of retail stores. Green Thumb also reported better sales in its Q1 financial results released on May 14. Total sales were reported at $102.6 million, five times more than what was reported the previous year.