2020 Election Results Signal Robust Revival for Cannabis Markets
Financialnewsmedia.com News Commentary
PALM BEACH, Fla., Nov. 10, 2020 /PRNewswire/ -- Just prior to the recent nationwide elections in the U.S. the global and U.S. cannabis markets have been growing over the past few years and given the results of the election, are projected to even intensify in the years to come. Before the election industry insider Marijuana Business Daily (MBD) opined that the adult-use marijuana legalization referendums in New Jersey and Arizona headline an election that has the potential to create new state cannabis markets that together could generate more than $2.5 billion in annual sales within a few years. It said that: "Tuesday's upcoming election represents a major potential catalyst to the U.S. cannabis industry," Wall Street investment bank Cowen noted in a research update distributed Oct. 29… The most near-term tailwind will come from adult-use ballot initiatives in AZ (Arizona) and NJ (New Jersey), the latter of which has the potential to result in a domino effect of legislatively driven adult-use legalization across the Northeast." Active companies in the Cannabis market this week include Cannabis Strategic Ventures, Inc. (OTCQB: NUGS), Sundial Growers Inc. (NASDAQ: SNDL), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), Canopy Growth Corporation (NYSE:CGC) (TSX:WEED), MariMed Inc. (OTCQX: MRMD).
The article projected what the outcomes could be in certain states. It predicted that in ARIZONA, Projected first-year sales could reach $375 million-$400 million and projected 2024 sales could reach $700 million-$760 million. In MISSISSIPPI they projected first-year sales: $240 million-$265 million and 2024 sales of $750 million-$800 million. In MONTANA, the projected first-year sales were $217.2 million and 2024 sales could reach $234 million (source: University of Montana). In NEW JERSEY they projected first-year sales of $375 million-$400 million and projected 2024 sales of $850 million-$950 million and in SOUTH DAKOTA they projected first-year sales of $1.5 million-$2 million and projected 2024 sales: $10 million-$12 million*. (*Projections are for a medical marijuana market only.)
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