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This Marijuana Stock Is Raking In Cash From Illinois Legalization

By Eric Volkman and Corinne Cardina - Jan 22, 2021 at 2:00PM

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The state's marijuana industry was a barn burner right from the start, and the company was there to reap the rewards.

It's hard to believe it's been a full year since Illinois legalized recreational marijuana. Now, even during the coronavirus pandemic, the cannabis industry is thriving there.

In this video clip from Motley Fool Live recorded on Dec. 22, Motley Fool contributor Eric Volkman spoke to Cannabis and Healthcare Bureau Chief Corinne Cardina Jurney about one stock that's likely to thrive in the Land of Lincoln. 

Corinne Cardina: Do you have any thoughts on Cresco Labs (CRLBF -2.04%) and Planet 13 (PLNH.F -1.35%) for the long term? We did talk a little bit about Planet 13 earlier, but can you tell us what Cresco is too?

Eric Volkman: Yeah, Cresco is a multi-state operator. They're retail focused, they've been particularly active in -- I'm pretty sure it's their home state...

Corinne Cardina: Illinois?

Eric Volkman: Illinois, yeah, they're based in Chicago. When Illinois legalized recreational use at the beginning of [2020] -- which seems like forever ago! -- Cresco was right there, and they have a clutch of dispensaries in their own state, they're active elsewhere. I'm pretty sure they're still money losing.

But I like retail, I like something like Cresco, which has a strong base in Illinois. It still has plenty of scope for expansion in the state. I think Illinois is still "under-dispensaried," and Cresco along with its companion (to me) Green Thumb Industries (GTBIF -1.98%) still is in a good position there. I think it can increase its footprint without too much sweat and expense. I see good things ahead for them. I find that stock interesting.

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Stocks Mentioned

Cresco Labs Inc. Stock Quote
Cresco Labs Inc.
$3.84 (-2.04%) $0.08
Planet 13 Holdings Inc. Stock Quote
Planet 13 Holdings Inc.
$1.46 (-1.35%) $0.02
Green Thumb Industries Stock Quote
Green Thumb Industries
$11.85 (-1.98%) $0.24

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