Illinois Cannabis Sales Break Another Record
Sales of adult-use cannabis in Illinois surpassed $300 million through the first seven months of the year, the state’s Department of Financial and Professional Regulation (IDFPR) reported Monday.
July marked yet another record-breaking month for recreational cannabis sales in Illinois, as adult-use dispensaries moved more than 1.2 million products and hauled in nearly $61 million.
Month over month marijuana sales to out-of-state residents grew 31%, to $16.2 million, while sales to in-state residents grew 27%, to $44.7 million. In total, adult-use sales grew 28% — or about $13.3 million — compared to June.
According to state records, the IDFPR has issued licenses to 62 adult-use dispensaries through August 4, 2020.
In a blog post, cannabis economist Andy Seeger suggested that last month’s spike in sales could be attributed to new dispensary openings across the state.
“While only a handful of the 55 medical-to-adult-use licenses that were set aside for current medical outlets have been opened, the correlation between retail footprint and sales is so strong it will drive nearly all growth,” he wrote.
Seeger also noted that daily sales of cannabis have increased, another sign that consumers have greater access to cannabis products as a result of recent store openings.
The data reported by the IDFPR on Monday does not include information about purchases made via the Illinois medical marijuana program or tax revenue collected by the state.
July medical cannabis sales have not yet been released, however more than $170 million in medical cannabis had been sold through the first six months of 2020.
Last month, Illinois Governor JB Pritzker said the state had collected $52 million in tax revenue from the sale of about $240 million worth of adult-use cannabis products through the first half of the year.
According to cannabis market research firm BDSA, sales of marijuana in Illinois are expected to reach $1.5 billion by 2025.