Illinois Cannabis Sales Drop 15% QoQ In January After Record-Breaking 2021

After hitting a record in December of $140 million, Illinois adult-use cannabis sales plunged 15% to $117.3 million in January. Still, it’s a year-over-year increase of 32%.

In 2021, adult-use cannabis sales in the state amounted to nearly $1.4 billion - more than double the figure from the opening year of sales in 2020. 

The Prairie State legalized the sale of medical cannabis in 2015 and expanded legalization to recreational marijuana in 2020.

Cannabis sales have surged since, breaking records on a monthly basis, with recreational marijuana sales officially exceeding $1 billion in November 2021, which was the ninth consecutive month that adult-use cannabis sales surpassed $100 million.

Medical sales also took a hit in the first month of 2022, totaling $29.7 million, down 9% from the prior year and down 16% quarter-over-quarter, bringing total cannabis sales in January to $146.9 million and down 15.2% sequentially.

In 2021, combined cannabis sales in Illinois totaled $1.78 billion, representing an increase of 72% from 2020.

Interestingly, Illinois also took in more tax dollars from cannabis receipts than alcohol in 2021, as recreational cannabis taxes in the state exceeded liquor taxes by nearly $100 million, according to an update released by the Illinois Department of Revenue.

Marijuana taxes outpaced alcohol for the first time in February and kept that pace for the whole year.

Photo: Courtesy of Benzinga

Posted In: cannabis salesIllinoistaxCannabisEarningsNewsMarkets

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