Illinois legalizing cannabis could help New York, New Jersey do the same, says U.S. pot CEO
Marijuana is growing on U.S. consumers.
Last week, Illinois became the 11th U.S. state to approve cannabis for recreational adult use, joining a growing cohort that includes California, Vermont and Michigan. The law will go into effect on Jan. 1, 2020.
Now, U.S. cannabis companies like Cresco Labs are undergoing expansion so they're able to produce the supply required to meet the demand in the fifth-largest state in the country, said Charles Bachtell, co-founder and CEO of Cresco.
"You're talking about a state that is going from a relatively conservative medical program — we have about 70,000 patients in it currently — to the fifth-largest state in the country: 13 million people, over 100 million tourists a year, and anybody over the age of 21 are going to have access to the program," he said Thursday on CNBC's "Fast Money."
That represents a 10-to-20-times boost to the current size of Illinois' medical marijuana market, Bachtell said, adding that his company, which operates in 11 states, is equipped to handle it.Related Tags
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