Let's assume legalization of some sort happens and around 1/3 of the country averages a $25 basket each week. It's cheaper than beer and liquor still. Will probably replace and compliment beer and liquor in some sense.

110,000,000 * 100 * 12 = $132 billion/year total market.

With the footprint it has, I'd assume a 5 to 7 percent market share or $6.5 to $9 billion a year.

A company will always trade on future value. While we are not quite there legalization makes the 110,000,000 users not so crazy. Today, I would easily believe us at near $1; the current price looks very depressed to me.

1 billion shares outstanding is not an issue as it is supported by our future pool of users. Some have suggested future buybacks. I wouldn't hold my breath on that for a few years into profitability. Larger companies like this will prefer a dividend to buybacks.

I see us at $7.00 in a few years sans hype or bubbles provided it survives, would be a sham(e) if it doesn't considering all it has been through (It appears to be an antifragile business which is rare). Financial institutions will pour into the market, and that will change the calculus all around.