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Illinois-based multistate operator Verano Holdings is accused in a lawsuit of illegally shuttling marijuana from its home state to Arkansas.
According to the Chicago Sun-Times, the allegations of illegal interstate marijuana shipments stem from cannabis MSO Harvest Health & Recreation’s attempted acquisition of Verano, a deal that fell through in March 2020.
The lawsuit, filed Monday in Colorado District Court, targets dozens of cannabis executives and companies, including Verano CEO George Archos.
At the start of 2020, more than a dozen states seemed very likely to legalize marijuana for recreational or medical purposes by the end of the year. Now that a coronavirus pandemic has overwhelmed just about every aspect of American life, it seems only a handful of states will be able to enact marijuana reform.
At the start of 2020 (a little over 90 days ago), the cannabis industry anticipated that this would be the year for major cannabis reform at the state level. Many states, including New York, New Jersey, Idaho, and Arkansas, had expressed great interest in clarifying and expanding cannabis legislation. And, as recent as January 2020, New York Gov. Andrew Cuomo expressed his desire that New York's executive budget for 2021 include tax income that could be anticipated if the state allowed and taxed recreational cannabis.
Today, talk of legalization knows no bounds. Connecticut, New York, New Jersey, and Pennsylvania have reportedly flirted with the idea of forming a "bloc" that will legalize adult-use marijuana at the same time and by imposing the same statutory scheme. Activists are pushing measures to put legalization on the ballot in 2020 in Arizona, Arkansas, Montana, and Oklahoma.
A number of states aim to legalize adult-use cannabis in 2020
However, this hasn't stopped individual states from legalizing cannabis in some capacity over the past 23 years. Beginning with California in 1996, a grand total of 33 states have legalized medical marijuana. Of these 33 states, 11 have passed legislation allowing for the legal consumption and/or sale of recreational weed. And this could be just the beginning.
The numbers 11 and 33 come up quite often when the topic of marijuana legalization is discussed. Currently, 11 U.S. states allow the legal use of recreational marijuana, while 33 states have legalized medical cannabis. But those numbers could soon change.
Nine states could be on track to hold key votes on some form of marijuana legalization in 2020. Here are the states that could be next on the marijuana map -- and the stocks that could be poised to profit the most.
An analysis of state markets that release patient counts on at least a quarterly basis reveals several key takeaways: