For investors looking to get ahead of current trends, you need to look at the current environment especially in covid-19 to see what businesses are thriving currently and will continue to prosper going forward. There has been much positive news about the marijuana industries. During the shutdowns, the marijuana retail store was considered an “essential business” which meant it was one of the few businesses that remained open.
In Illinois, there were lines to get in the first opened retail marijuana dispensaries when they first legalized marijuana. There was a recent article mentioned that “US retail marijuana sales are on pace to rise 40% in 2020, near $37 billion by 2024”. The Chicago Daily Herald mentioned June was the best month for the Illinois marijuana dispensary.
A major growth initiative for the marijuana business would be having access to bank lending. Currently, this is not allowed in the United States of America. You cannot allow lending to a product that is deemed illegal. The marijuana businesses would get this growth with the passing of the Safe Banking Act which would allow lending to cannabis businesses. Last month, the House passed the Heroes Act which included the Safe Banking Act as part of the stimulus plan.
To get the Safe Banking Act finally approved, it would need to be approved by the senate and signed by the President. These are a couple tough hurdles to get through but something that will eventually need to be passed as the legalization of marijuana becomes more prevalent.