Illinois marijuana sales top $100 million in October
Illinois saw more than $100 million in marijuana sales in October, the Illinois Department of Financial and Professional Regulation reported Monday.
There was a record $75 million in recreational pot sales last month, up nearly $8 million from the previous month. Sales of medical marijuana totaled another $33 million, according to officials. The first 10 months of legal cannabis sales total more than $500 million, with about $300 million in medical marijuana sales.
Marijuana sales to adults is legal in 11 states and Washington D.C. Four more states approved recreational marijuana use in Tuesday’s election, while six Chicago suburbs joined a growing list of Illinois municipalities allowing cannabis dispensaries for adults.
“There is mass acceptance of the U.S. cannabis industry by the consumer and the voter,” said Ben Kovler, founder and CEO of Chicago-based Green Thumb, a cannabis manufacturer and retailer. “In this divided country, there are very few issues that have that kind of universal acceptance.”
Cannabis industry analyst Andy Seeger said October’s sale figures do not rise to the market’s potential. He says Illinois should be on pace to sell around $1.2 billion in weed this year.
