Since the arrival of the pandemic, cannabis sales are up as consumers turn to marijuana for stress relief and recreation. Furthermore, cannabis companies are doubling down on safety by implementing strategies to reduce contact between retailers and customers, including curbside pickup and at-home delivery.
The American Cannabis Operator Index tracks the stocks of some of the largest operators in the American cannabis space. After posting an all-time closing low on March 18th (14.50), the index has recovered and is up more than 150% through mid August (37.97 as of August 12th).
Cannabis tax revenues continue to grow. In the first half of 2020, Illinois collected $52 million in tax revenue, which was significantly more than the state’s H1 estimate of $28 million. The tax revenue is a boon for Illinois, which, like other states around the country, has had to reassess its finances because of the pandemic.
Bob Hoban, founder of one of the country’s top cannabis law firms - the Hoban Law Group, shares his perspective on the state of the industry. “It’s exciting. It reminds me of that scene from Back to the Future, because [we at Hoban Law Group] come from the future. There’s enormous opportunity.”