So what are the next state-legal markets likely to excite the capital markets?
To determine the best candidates, I considered states that have medical marijuana laws with limited licenses available to operators, and a clear path to expanding the medical program and/or adopting full legalization.
Looking ahead to the next couple of years, two states stand out as likely the next big marijuana markets: New Jersey and Illinois.
Both states have followed a remarkably similar path toward full legalization, with Illinois a near mirror of the process in New Jersey, only one year behind.