Illinois Cannabis Sales Could Reach $1.5 Billion in 2021
Illinois dispensaries are on pace to sell more than $1.5 billion worth of cannabis in 2021 after retailers across the state combined to sell nearly $145 million of adult-use and medical marijuana in March.
According to data from the Illinois Department of Financial and Professional Regulation (IDFPR), which oversees dispensary licensing, adult-use cannabis dispensaries sold a record $109.1 million of recreational cannabis last month.
That’s up from $80.7 million of recreational cannabis products sold in February and an impressive $20 million more than the previous adult-use record of $88.8 million set in January.
Put differently, consumers in Illinois are spending more than $3.5 million per day on adult-use cannabis products.
Combined sales of adult-use and medical cannabis eclipsed $376 million year-to-date, and Illinois dispensaries are poised to reach $1.5 billion worth of cannabis sales this year if current buying patterns continue.
Adult-use cannabis sales alone could surpass $1 billion this year, based on first quarter figures.
The record-breaking sales illustrate how much the adult-use market has developed in the 15 months since recreational cannabis was legalized.
According to Green Thumb Industries CEO Ben Kovler, a total of $27 million worth of medical cannabis was sold in December 2019, the month before adult-use sales began.
Year-to-date, Illinois dispensaries have sold more than $278.7 million of adult-use cannabis, IDFPR data shows.
Sales of adult-use cannabis to in-state residents eclipsed $75 million, while out-of-state consumers purchased $33.4 million worth of marijuana products, according to IDFPR data. Both figures are also records.
Additionally, a record 2,317,315 items were sold at adult-use dispensaries in March.
By comparison, dispensaries sold 812,203 items and $35.9 million of adult-use cannabis in March of 2020, just the third month of legal sales in Illinois.