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Illinois & Virginia Legalize Marijuana – Developing Markets for Recreational Use
As of June 2020, both Illinois and Virginia have made progress towards the recreational use of cannabis. Illinois has completely legalized it and Virginia has decriminalized it (taking effect July 1, 2020). Maine, although it has been legalized since 2016, has no recreational dispensaries as of yet. Twelve states have now legalized recreational cannabis consumption and 26 states have decriminalized the recreational use of cannabis. And then there are to be several other states to vote on the recreational use of cannabis in November 2020, including but not limited to New Jersey, Arizona, Mississippi, and South Dakota. That’s all to say there is a massive amount of opportunity in the pipeline in relations to marijuana. To add to that opportunity, you also now have industrialized hemp legalized in 41 states. Meaning, CBD is legal in those 41 states as well.
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Illinois & Virginia’s Marijuana Real Estate Needs
With expansion of the industry comes the importance of real estate. Real estate is needed in every aspect of cannabis production, including:
- Land for open-air cultivation
- Land for greenhouses
- Warehouses for cultivation, manufacturing, extracting
- Retail space for dispensaries and storefronts
- Commercial space for every part of the vertical for marijuana production
Least to say, real estate is an integral part to marijuana and hemp production. An article from 2019 put sales of legalized medical and cannabis use in the U.S. at $17bn for 2020. Given the article was written in 2019, it excluded sales from states have recently passed their laws, including Virginia and Illinois.
Increasing Sales of Marijuana in 2020 Help Illinois & Virginia in Legalization
Given the recent COVID-19 development, sales across the board are up at least 20% for the industry, meaning it’s very well possible that 2020 sales could surpass $19 billion. This is all to say that the cannabis market has no limit to its growth, at the moment. And with growth comes the need for expansion of production and retail sales, and with the expansion of production comes the need for real estate.
Seeking financing in the space is more difficult than it need be. Seeking competitive financing is even harder. But it’s not impossible, and that’s where eQcho Capital comes in. We’ve successfully brokered just under $25 million in financing for the cannabis and hemp space – VIEW ACCOLADES. On your behalf, eQcho will help you (a prospective cannabis or hemp license holder) obtain financing via eQcho’s connections in the capital space. The financing space for this market is construed and is somewhat of a closed box when it comes to transparency of pricing and terms. Let eQcho try and get you to the finish line for whatever your needs may be.
The recreational markets for cannabis use in Virginia, Illinois, and Maine are ripe for expansion. Before diving headfirst on a brand new $5 million dollar vertically integrated facility and paying cash because you think there isn’t financing, let’s see what we can do for you. Reserve some of that balance sheet cash for working capital, as working capital for a startup marijuana company is 10x harder to get, or at least, it’s the most expensive.