The US marijuana industry accounts for billions of dollars. There’re no sings the space will stop its further growth. Now, Illinois is legalizing marijuana. What’s the downside to this? Is this a good idea? What about marijuana dispensary funding? Well, just keep on reading and you’ll know.
Marijuana Industry in the U.S.
Cannabis is a hot-button topic in the U.S. 2 out of 3 Americans are for broad-based legalization of marijuana, as Gallup reports.
During the past 24 years, zero approval for medical or recreational weed in the states has reached its approval in 33 states, which now have medical pot laws. 10 out if these 33 states now allow adults to use cannabis, and 9 don’t ban the retail sale of pot.
Illinois is making the use of marijuana legal. From the financial perspective, legal pot tax revenue and fees are going to bring hundreds of millions of dollars in Illinois. The legalization of marijuana is a key issue for Gov. J.B. Pritzker and believes that licensing fees could generate $170 million in the budget of the 2020 fiscal year.
Only 2 out of 5 voters are for putting no ban on the production, use and sale of marijuana, as a recent poll has revealed. About 1/3 of Illinoisans having participated in the survey don’t need any changes to the existing pot laws. Some people support the idea of keeping marijuana illegal and expunging previous misdemeanor convictions.
41% in Cook County and 38% in Downstate Illinois are for making marijuana legal. The number of women supporting the legalization is more as compared to men. Namely, 43% of women and 38% of men approve the legalization.
Based on a survey by the Paul Simon Public Policy Institute at Southern Illinois University in Carbondale, most support for marijuana legalizing is found in Chicago. Specifically, 75% are for legalization and 24% opposed it.
Marijuana Businesses in Illinois: Marijuana Dispensary Funding
The marijuana industry is booming in the U.S. When it comes to cannabis jobs, from the $52 billion in sales, the industry is projected to reach 76% increase in 2019. Currently, Verano owns 2 Zen Leaf dispensaries located in Illinois. One of them is in Chicago and the other in St. Charles. Harvest Health is going to obtain 30 retail store licenses within 17 states.
What about your marijuana business? Do you need access to working capital so to take your business to the next level? Well, just turn to a respectable alternative online lender in the high risk space that provides exceptional marijuana dispensary funding, and other merchant financing solutions at the cheapest rates. Make sure the marijuana business funding provider guarantees the highest level of security for online payment transactions. Choose the one that can help you fight fraud with ease.
To sum up, recent years have brought practically unstoppable growth for the marijuana industry. Now, Illinois is joining 10 other states the use of recreational marijuana is legal. So, a true high risk business funding provider can help you grow your business in the state without challenges.
Author Bio: As the FAM account executive, Michael Hollis has funded millions by using marijuana dispensary funding solutions. His experience and extensive knowledge of the industry has made him finance expert at First American Merchant.