Illinois reaches $1B in Cannabis retail sales this year
Illinois Cannabis Sales Hit $1 Billion Milestone, Fueling Economic Growth and Social Equity.
Gov J.B. Pritzker announced Wednesday that Illinois reached $1 billion in cannabis retail sales on July 1.
This includes more than $850 million in adult use cannabis sales and almost $150 million in medical cannabis sales, according to a news release. This milestone was achieved nearly two weeks faster in 2024 compared to 2023, when the $1 billion sales mark was not reached until July 10.
Additionally, Fiscal Year 2024 saw total cannabis sales exceed $2 billion, which represents an increase from Fiscal Year 2023 ($1.9 billion) and Fiscal Year 2022 ($1.8 billion), the news release said.
"Illinois has the most equitable cannabis industry in the country and it's growing and thriving," Pritzker stated. "The increase in total adult-use cannabis sales, combined with the policies my administration is implementing to support communities ravaged by the War on Drugs, highlights how this emerging industry is helping us set a national standard in equity and economic justice. Growing sales in 2024 means cannabis tax revenue will continue to play a major role in righting decades of wrongs in the state's criminal justice system."
Data tracked by the Cannabis Regulation Oversight Office shows Illinois consumers made 81% of the total value of purchases through the first six months of 2024, while out-of-state consumers made 19%. The value of the product sold was 49% cannabis flower, 32% vape and 22% edibles (along with liquid edibles at 1.1%).
"More and more cannabis businesses opening their doors means more and more unique products for consumers to choose from," Cannabis Regulation Oversight Officer Erin Johnson stated in the news release. "We welcome these new opportunities for ownership and employment to help support individuals and communities across the state in undoing the harms from the War on Drugs."
Tax revenue collected from cannabis sales has led to more than $244 million in R3 Grants for economic development, violence prevention, and youth development in disproportionately impacted communities across the state, the news release said.
That revenue also enabled the Illinois Department of Commerce and Economic Opportunity to establish the Illinois Cannabis Social Equity Loan Program to connect people and communities historically impacted by arrests and imprisonment for cannabis offenses with opportunities to participate in the legal cannabis industry.
To date, almost $22 million in forgivable loans have been issued to social equity craft growers, transporters and infusers.
A recent study found a record number of workers in the U.S. tested positive for cannabis.
