The state of Illinois has sold a whopping $1 billion worth of cannabis.
According to Ganjapreneur:
Illinois sold more than $1 billion in adult-use cannabis by the end of August, according to Department of Financial and Professional Regulation data outlined by Cannabis Business Times. The $1,015,700,115.70 in total sales represents a 16% year-over-year increase from August 2021 — last year, Illinois did not reach the $1 billion sales mark until October, the report says.
Sales peaked in July at $135.7 million, possibly due to the month having five weekends this year, but fell to $129 million in August, a 4.6% decrease that was expected based on the previous year’s data. Over $41 million of sales were to out-of-state residents, holding steady at 32% of overall receipts, the report says.
The state’s cannabis tax revenue also jumped from $297.7 million in 2020 to $445.3 million in 2021, a 50% increase, and 25% of those funds will go to communities most affected by the drug war.
Earlier this month, Illinois completed its first round of social-equity licensing, granting a total of 185 conditional adult-use licenses. In a statement after the licenses were awarded, Gov. JB Pritzker (D) said the state is “leading the way in cannabis legalization that is equity-centered.”
“With all 185 conditional licenses now in the hands of social-equity applicants, we have reached a tremendous milestone,” he said. “Now, we look forward to getting these businesses up and running, creating jobs in the communities most harmed by the failed drug war, and cementing ownership in Illinois’ cannabis industry as the most diverse in the nation.”
Original Source – https://www.ganjapreneur.com/illinois-has-sold-1b-worth-of-cannabis-so-far-this-year/