J.B. Pritzker (Democrat) won the election for Governor of Illinois and will be sworn into office in January 2019. Based on Governor-elect Pritzker’s statements on the campaign trail and the current acquisition market in Illinois, the cannabis industry appears to believe that legalized adult use recreational marijuana is a foregone conclusion and that Pritzker will sign a marijuana legalization bill shortly after taking office, which will legalize recreational marijuana in Illinois.
Pritzker has stated that adult use recreational cannabis could generate as much as $700 million per year in annual taxes. Because Illinois has one of the strictest medical marijuana programs in the country, it is uniquely situated to have an explosive recreational market while also avoiding the perceived negative costs of legalization. Illinois has a real opportunity to become a leader in the industry and to also positively address the unfortunate reality that minorities are disproportionately arrested and incarcerated for marijuana possession.
Assuming Pritzker keeps his campaign promises, Illinois’ cannabis industry is set to take off and become one of the largest markets in the country.