We think 2019 will likely be a promising year for cannabis liberalization efforts in several states, particularly in the Northeast. We are watching five states specifically that we think have the greatest chances of legalizing cannabis for recreational use in 2019. Our list of states to watch in 2019, which is not necessarily exhaustive and is subject to updates, includes New Jersey, New York, Connecticut, Illinois, and New Hampshire. In these five states we see near-term catalysts, hearings, and actionable legislation already drafted that make the possibility of legalization significant. We assign the following odds for the legalization of recreational cannabis in 2019: New Jersey - 80%; Connecticut - 60%; New York - 55%; Illinois - 45%; and New Hampshire - 25%. Despite the fact that lawmakers and governors in many others states are talking about legislative legalization efforts, we do not expect any other states to legalize in 2019. We expect legalization efforts to appear on the ballot in 2020 in states like Florida, Arizona, and North Dakota. For more information, see our December 12 and November 9 reports.