The US cannabis market just got another big boost from one of the largest, most populous states on the East Coast.
Connecticut just became the latest US state to make a big move towards legalizing recreational cannabis as state legislators advanced a critical bill.
Here are some more details from Marijuana Moment.
A key committee in the Connecticut legislature approved a bill to legalize marijuana on Monday.
The General Law Committee, which is one of two panels that heard testimony about legalization legislation last week, voted 10 to 8 to advance the bill.
Beyond legalizing cannabis for adult use, the legislation also includes a number of social equity provisions aimed at encouraging participation in the legal industry by individuals from communities that have been disproportionately impacted by the drug war. A governor-appointed commission would be charged with giving such individuals advance time to apply for a marijuana business license and promote diversity in hiring.
The vote was an important milestone that moves Connecticut much closer to legalizing recreational cannabis.
Connecticut is already home to a thriving medical cannabis market.
Here’s a report from the New Haven Register.
Even without full legalization, business is expanding fast. The number of certified patients rose by 13,000 in the last two years; the state just licensed another nine dispensaries, crossed over 1,000 physicians who certify patients (don’t say prescribe) and pushed the number of medical conditions treatable by marijuana to 31 for adults, and eight for patients under 18. The industry and the system around it — botanical experiments, classes, production, related professional services, medical research, new products, expanding retail and even corporate takeovers — march ahead as lawmakers debate the undeniable: A marijuana network is here to stay … and grow.
Connecticut’s medical cannabis industry provides a great foundation to legalize recreational cannabis – and that would only add fuel to the already booming industry.
This is creating a great opportunity for young cannabis companies with an early presence and lead in Connecticut’s cannabis industry.
Today, I am going to reveal an early industry leader that’s in position to capitalize on Connecticut’s move towards legalization.
Curaleaf (CURA, CURLF) is headquartered in Wakefield, Massachusetts and is one of the largest cannabis companies in the United States with a market cap of $4.1 billion.
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Curaleaf currently operates in 12 states with 43 local dispensaries, 12 processing sites, 12 cultivation sites and has more than 150,000 customers.
Curaleaf is an early leader in Connecticut’s medical cannabis market. It operates one of only four cultivation and processing facilities in the state and runs a total of nine dispensaries
Curaleaf’s early leadership in Connecticut is driving big revenue growth.
The company reported 2018 full-year revenue of $77 million, up 298% from 2017.
Looking forward, I expect sales to continue growing at a healthy clip.
On March 20, Curaleaf announced a groundbreaking deal with national drug store chain CVS Pharmacy (CVS). CVS will start selling Curaleaf hemp products in 800 stores in 10 states.
I believe this relationship will continue to grow. CVS Distribution of CBD Products Sends Curaleaf Shares Soaring
Curaleaf is up more than 100% in the Last Three Months
Curaleaf has been rallying with the broader stock market in 2019. Shares are up more than 100% in the last three months, jumping more than 30% in one day on the CVS news and hitting a new all-time high.
The Big Picture
Connecticut has a thriving medical cannabis industry and is on the fast track to legalizing recreational cannabis. If it happens, and I expect it to, Curaleaf is in a prime position to capitalize.
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