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MARIJUANA MOMENT
ILLINOIS MARIJUANA RETAILERS SOLD $2 BILLION WORTH OF LEGAL PRODUCTS IN 2023,
INCLUDING A NEW MONTHLY RECORD IN DECEMBER
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BUSINESS
ILLINOIS MARIJUANA RETAILERS SOLD $2 BILLION WORTH OF LEGAL PRODUCTS IN 2023,
INCLUDING A NEW MONTHLY RECORD IN DECEMBER
Published
4 hours ago
on
January 11, 2024
By
Ben Adlin
Illinois marijuana retailers set new monthly sales records to close out 2023,
selling $181.8 million worth of cannabis products during December, including a
record $153.9 million in adult-use purchases. Sales of medical marijuana in
December were at their highest since April, at $27.9 million.
All told, legal cannabis sales for 2023 set a new annual record, reaching just
under $2 billion, including more than $1.6 billion from the state’s adult-use
market, which launched four years ago.
Recreational marijuana sales generated $417.6 million in tax revenue for the
state in 2023, according to the Illinois Department of Revenue.
States That Legalized Marijuana See Massive Reduction in Tobacco Use
Legalizing marijuana has had a major impact in tobacco consumption. Despite what
many experts thought, a new study published in the Journal of Health Economics
concluded that state-level cannabis reforms are mostly associated with “small,
occasionally significant longer-run declines in adult tobacco use.” Veuer’s
Maria Mercedes Galuppo has the story.
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State Governors Urge Biden to Reschedule Marijuana by Year-End for Economic and
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“From day one, my administration has put equity first to build the most
accessible cannabis industry in the nation,” Gov. J.B. Pritzker (D) said in a
press release announcing the fiscal data on Thursday. “Our work will continue to
repair past harm while providing opportunities for communities across the state
and creating a more prosperous future.”
“The legalization of adult use cannabis was the start of uplifting the
communities most impacted by the failed war on drugs,” Lt. Gov. Juliana Stratton
(D) said. “The benefits from these sales will be used to continue investing in
our economic growth in historically disinvested populations.”
The new records come after a more minor one set in November: the most-ever
marijuana sales to in-state residents, as reported by the Illinois Department of
Financial and Professional Regulation (IDFPR). Last month’s new numbers set yet
another record for purchases from state residents, coming in at $117.9 million.
Consumers purchased 4,213,747 individual adult-use marijuana products in
December, also a new monthly record. In all of 2023, 42,124,741 items were sold
in Illinois recreational cannabis dispensaries.
In terms of medical marijuana, just over half of total sales (53.7 percent) for
December came from concentrates or infused products, at $15.0 million. Flower
made up 46.3 percent of total sales, at $12.9 million.
Meanwhile, overall medical marijuana sales have also totaled nearly $2 billion
since dispensaries opened in November 2015.
In an annual report from October about fiscal year 2023, which ended June 30 of
last year, state officials said that state-legal marijuana sales had seen
“unprecedented” growth, with the opening of 28 new retailers and more than $1.5
billion in total recorded retail sales.
In terms of state revenue, the legal cannabis industry brought in about $451.9
million for Illinois in fiscal year 2023, according to separate numbers from the
Department of Revenue. As in past years, Illinois made significantly more
revenue from cannabis than from alcohol, which brought in about $316.3 million
during the same period.
Over the entire fiscal year, 200 conditional licenses were issued. In December
2022, the department also finalized rules for a new Social Equity Criteria
Lottery, aimed at prioritizing people who have been disproportionately impacted
by the war on drugs. More than 2,600 individuals applied for 55 new social
equity dispensary licenses.
The vast majority of newly issued licenses were in Cook County, the state’s most
populous.
Another recent report, from the state’s Cannabis Regulation Oversight Officer,
indicated that diversity numbers in the marijuana industry are up significantly
since adult-use sales began—a sign that efforts in recent years to prioritize
social equity license applicants is making a measurable impact.
When recreational marijuana sales began in 2020, the “initial businesses were
100% majority White owned and only one majority woman-owned businesses,” said
the office’s diversity survey report. Since then, measures of diversity have
improved markedly.
Among the key changes, Black-owned companies increased from 0 percent to 27
percent of the market during the period from 2020 to 2023, while Latino/a or
Hispanic-owned companies climbed from 0 percent to 5 percent. Asian-owned
companies, went from 0 percent to 3 percent. Women-owned businesses, meanwhile,
now make up 16 percent of licensed cannabis companies.
Small craft cannabis growers, however, are reportedly struggling despite
millions in state aid.
While records indicate that Illinois consumers are paying considerably more than
cannabis purchasers in many other legal states, Pritzker recently downplayed the
steep prices, noting the industry’s steady growth and considerable sales to
out-of-state residents.
Last month, the governor also signed a bill into law waiving application fees
for existing marijuana transporter organizations until January 1, 2027.
> States Have Expunged Over 2.3 Million Marijuana Records Since 2018, NORML
> Report Shows
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Related Topics:featured
Don't Miss
Connecticut Marijuana Retailers Sold $274 Million In Recreational Market’s First
Year, With Another New Monthly Record To End 2023
Ben Adlin
Ben Adlin, a senior editor at Marijuana Moment, has been covering cannabis and
other drug policy issues professionally since 2011. He was previously a senior
news editor at Leafly, an associate editor at the Los Angeles Daily Journal and
a Coro Fellow in Public Affairs. He lives in Washington State.
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Military Veterans Who Received Psychedelic Ibogaine Treatment Saw ‘Dramatic’ And
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