Illinois continues its cannabis sales streak having just broken yet another record, exceeding $100 million for the third month in a row, according to the state’s Department of Financial and Professional Regulation.
Illinois cannabis buyers spent more than $116.3 million in May alone, surpassing the previous month's record by roughly $2 million, Marijuana Moment reported.
Of the total, in-state residents spent $80 million, while out-of-state visitors purchased $37 million worth of marijuana products.
Moreover, a total of 2,512,093 cannabis items were sold, marking yet another milestone.
Illinois' cannabis sales substantially increased since January 2020 when it became the 11th state to have approved legal recreational marijuana.
In addition, legal marijuana sales in the U.S. spiked 46% over 2019 sales, passing $17.5 billion in 2020, The New York Times reported.
During the first month of recreational sales, Illinoisans spent $39.2 million on cannabis products. Six months later, that number climbed to $239 million. Over the same period, marijuana rax revenue amounted to $52 million.
State officials involved in the cannabis program have said that a quarter of tax revenue is being directed to community reinvestment efforts and related organizations. The money is intended to help communities that have suffered the consequences of the drug war as part of the state’s Restore, Reinvest, and Renew (R3) program.
Adult-used recreational cannabis sales are poised to hit $1 billion by year-end if the trend continues.
“I think we’re going to blow past the billion dollars based on the experience in smaller states,” Todd Maisch, president and CEO of the Illinois Chamber of Commerce, said earlier.
In addition, cannabis sales outpaced alcohol’s tax revenues in the first three months of 2021, Department of Revenue data suggest, marking the first time that Illinois generated more tax revenue from cannabis than alcohol.
Photo by Erol Ahmed on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!