Recreational pot now legal in Illinois—What it means for cannabis sector
Recreational pot now legal in Illinois—What it means for cannabis sector
Pot is now legal in Illinois. Charlie Bachtell, Cresco Labs CEO, joins CNBC’s “Power Lunch” team to discuss the cannabis sector.
Illinois rings in the new year on Wednesday by joining 10 states and the District of Columbia in allowing the legal sale and purchase of marijuana.
Illinois became the 11th state in the nation to legalize recreational pot use in June after Democratic Gov. J.B. Pritzker signed a bill into law, permitting Illinois residents and visitors to buy the drug from licensed dispensaries, beginning on Jan. 1.
Marijuana enthusiasts and those curious about the drug are expected to flock to the more than three dozen licensed dispensaries in the state, most located in Chicago or Chicago suburbs.
Cresco Labs, a Chicago-based cannabis company, says it has spent weeks training its roughly 530 employees in Illinois on educating new marijuana users in anticipation of a swell of curious shoppers on Wednesday.
The company, with dispensaries peppered across Chicago’s suburbs, has also prepared a full selection of products, including flowers, prerolled joints, vapes, concentrates and edibles. Depending on the product, prices usually fall between $15 and $80, according to the company’s website.
“The level of excitement has far outweighed the launch of an iPhone or new pair of Jordan [shoes],” Cresco Labs spokesman Jason Erkes told CNBC.
Under the new state law, adults over the age of 21 may own 30 grams of cannabis flower, 500 milligrams of THC in pot products and 5 grams of cannabis concentrate. People visiting the state are allowed to purchase 15 grams of the drug but cannot transport it across state lines. The drug can only be smoked in private residences and smoke shops, according to the state law.
For the big day, Cresco Labs rented out a coffee shop near its dispensary in Lakeview, Erkes said, where the company is expecting the highest traffic. Some of the staff will be there Wednesday to take preorders as well as educate interested customers on products and how to consume the drug, he said.
“We anticipate people who haven’t used cannabis in 20 or 30 years and those who never have,” said Erkes, who added the company is estimating “thousands” to line up across four of its stores.
The law, which also imposes a tax on marijuana sales, is expected to generate a large amount of revenue for the state. Marijuana purchases will be taxed based on THC content — a 10% sales tax on pot products with THC levels of 35% or less, a 25% tax on products with THC levels of 35% or more and a 20% tax on all THC-infused products.
Freedman and Koski, a Colorado consulting firm, expects the marijuana industry could bring in $440 million to $676 million in tax revenue to the state each year. In Chicago alone, tax revenues from recreational marijuana are expected by city representatives to reach $3.5 million in 2020.
The law will also allow for people with low-level marijuana convictions to have their records scrapped, an increasingly common provision in marijuana bills aimed at helping those hit hardest by the war on drugs.
However, not everyone is convinced the state law will remedy the impact drug laws have had in Illinois, particularly for communities of color, or solve any budget woes.
Kevin Sabet, president and CEO of Smart Approaches to Marijuana, an advocacy group that led the opposition to marijuana legalization in the state, said that the projected revenue estimates don’t take into account other possible liabilities, such as car accidents caused by people driving under the influence of marijuana or a possible decline in workplace productivity.
He also argued that the law won’t benefit poor people or small business owners, but mostly “corporations who want to make money.”
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In ten year the average 10 year old. Will be to stoned to learn anything. Great for minoritys. .
https://edition.cnn.com/2019/09/10/health/vaping-outbreak-2019-explainer/index.html
concentrated smoke like weed. it does not allow the lungs to heal.
vaping dabbing and even regular ital smoking destroys ur lungs. only recently
did folks start doing this all day long everyday. years from now like sunny
delight the drink in England results will show what im saying.
https://en.wikipedia.org/wiki/SunnyD
In December 1999, according to a report by BBC News, the negative
publicity escalated when a Sunny Delight television commercial showing a
snowman turning orange was released, at about the same time as reports of a
four year old girl who experienced her skin turning orange – due to the
product’s use of beta-Carotene for color – after drinking an estimated 1.5 litres
of Sunny Delight a day.
Ginny pigs a?
Lines are still long as fuck
https://www.higtech.tech/
oh yeah its great for the grower and retailer, but those of us who need medical marijuana can just go to hell!. I went to trinity dispensary only to find long lines, and when I did get in all I could get was 1 fucking gram!!!. these asshole don’t give a flying fuck what happens to the patient, as long as they can screw us on the price and make us stand in lines only to find they has no stock and laugh all the way to the bank. the medical cannabis should be completely separate from the recreational, and this means it should have its own stock and not have to ration because the recreational users buying up all the stock!!!. this whole thing has been nothing but a big fubar, this is what happens when idiots who don’t have a clue make the rules!. can you hear me Illinois!!!.
Don’t worry the state of IL will still be broke…. thanks to Democrat run legislature..
An all time high.
"do you have any qualms about introducing an intoxicant into a society where there are already plenty of intoxicants?" "Cannabis has been around for 5,000 years"- best answer to that silly question
Thumbs up if you’re riding the canopy growth train! 👍
do i gotta move to illinois to buy ? cuz i will drive 10 hours to get a hit.
How come corrupt Baltimore Maryland haven’t tried to legalize it? Oh prisoners for profit is how Baltimore rolls. So everyone is considered criminal for trying to profit in some form for taking cash from people.
This news guy need to get off his high horse as he say n see y it need to b legal it helps with many things
Lock him up. Like thousands of young black men were locked up.
dudes eyes are like glass marbles
Gonna be taxed into oblivion here in Illinois because Democrats cannot run an economy to save their lives.
"Educate me" . . . you are not ‘my’ happiness. I want my MTV!
Marijuana stocks and Bitcoin
now make that shit cheaper
Great, now the whole stat will be full of low motivation stoners
<3
*_But the fearful, and unbelieving, and the abominable, and murderers, and whoremongers, and sorcerers, and idolaters, and all liars, shall have their part in the lake which burneth with fire and brimstone: which is the second death._*
*Revelation 21:8*
———-
*Sorcery in Greek is "pharmakeia" – you can clearly see that mind altering drugs are included in the definition of "sorcery", which is a qualifying factor for eternal damnation according to "Revelation 21:8":*
"pharmakeia: the use of medicine, drugs or spells
Original Word: φαρμακεία, ας, ἡ
Part of Speech: Noun, Feminine
Transliteration: pharmakeia
Phonetic Spelling: (far-mak-i’-ah)
Definition: the use of medicine, drugs or spells
Usage: magic, sorcery, enchantment."
———-
*_I tell you, Nay: but, except ye repent, ye shall all likewise perish._*
*Luke 13:3*
This douchebag news anchor should be asking how this man feels about selling a MUCH SAFER INTOXICANT!!!!
Half the fun of weed used to be trying to hide it, pretending you’re not high to your folks, etc…now it’s damn near everywhere and it’s just not the same rush it used to be. Thanks, Obama.
Special Interest at work and profits to be made. Great escape From reality.
Come on iowa
Get on the ball. Dont be last.
As far as intoxication goes, pot heads seem to have better manners, and are less rude.
Why did Harry J Anslinger change the term cannabis to marijuana prior to 1937 and who helped him get that message out to all of America?
What its supposed to amount to is the safer alternative to pain nausea and seizures. Intoxicate is your current laws needing to change its bigotry after 80 years.
High crime, gun violence, and now we add weed to the mix. What could go wrong?
DMV Illinois pot, omg we are doomed.
I love NUGS (Cannabis Strategic ventures), just tons of upside especially at the current levels. California is just where you want to be with cannabis investing, it is so densely populated. Harvesting their first crops this upcoming quarter!
Legalize Worldwide!
https://youtu.be/fn7nC5bMuzE
Warning! The Surgeon General warns
Tobacco smoking down to the fiberglass filter is dangerous, cancerous
A hazard to your health
Does that mean anything to you,to you,or you?
We have to legalize marijuana
Up here in america
Its the only cure for glaucoma
I man am the Bush Doctor
So there’ll be
No more smokin’ and feelin’ tense
When I see them a come
I don’t have to jump no fence
Legalize marijuana
Right here in america
Only cure for the asthma
I man am the Herbal Minister
So there’ll be no more
Police brutality
No more disrespect
For humanity
Legalize marijuana
Right here in america
It can build up your failing economy
Eliminate the slavish mentality
So there’ll be no more
Illegal humiliation
And no more police
Interrogation
Legalize marijuana
Right here in america
Say its only cure for glaucoma
I man am the Bush Doctor
So there be
No more need to smoke and hide
When you know you’re takin’
A legal ride.
Legalize marijuana
Right here in america
It the only cure for glaucoma
I’m a Herbal Minister
How do you feel about selling an intoxicant well uncle sam hasn’t had a problem with alcohol sales neither has big pharma which kills far more then the lies speaded about Mary J…
And yet, New York, the liberal bastion of the east coast, still refuses to legalize it!! 😡
This guy running the interview geeze they shouldn’t have had a boomer running this interview he’s CLEARLY CLUELESS!!!!!!!
Enjoy while you can it’s a weed man everyone will grow their own. Why pay you thousands a pound. It’s a weed man.
Time
For New York to legalize
All they need is a casino, get em high and drain the wealth from the communities. Do you think they care about anything buzzed, get them high and take their rights.
this guy is a businessman
Despite cripplingly high taxes, the state’s always broke. Prediction: It’ll take two seconds for every dime of this swag to magically disappear while these unaccountable corrupt hacks scheme to get into another racket now that they’ve covered gambling and dope.
Next up? Prostitution, and after that, kiddie porn.
They’ll bust you if you have something they want.
Standing in those lines lol I would have just went to my dudes house and been happy in the knowledge that I wouldn’t go to jail on the way home
Two opportunities for politicians to tax the lowest of income earners, lottery and weed.
So now pot, which is a natural herb anyone can grow is HEAVILY regulated and taxed by our corrupt politicians, who will obviously squander the money. And it’s illegal to grow it yourself, even for medical purposes.
That old journalist needs to smoke some!
I have to get out of Iowa. We have Zero options for this medicine. None. Nothing. I am happy for everyone in Illinois. I want to move out of this Iowa cesspool that is destroying lives and souls.
Y not 4 all states 🔥🤘🐯
Ooooooh my god….fuck CNBC…
horrible design.
My city government was lobbied by suboxone clinics in my area to disallow opening a medical dispensary. 🙁