ILLINOIS (WIFR) – Illinois reaches $1 billion in cannabis retail sales, Gov. JB Pritzker announced Wednesday.
More than $850 million of the sales were adult recreational use and almost $150 million were in medical marijuana sales.
In 2023, Illinois hit the $1 billion mark on July 10. The milestone in 2024 was reached on July 1, almost two weeks earlier than the year before
The 2024 fiscal year saw total cannabis sales exceed $2 billion which is an increase from 2023′s fiscal year sales of $1.9 billion and 2022′s fiscal year of $1.8 billion.
The Cannabis Regulation Oversight Office’s data shows Illinois consumers made up 81% of the total value of purchases through the first six months of 2024 and out-of-state consumers made up 19%. The data also shows that 49% of products sold were cannabis flower, 32% vape, and 22% edibles.
Illinois leaders say the taxes from cannabis sales have led to more than $244 million in R3 Grants for economic development, violence prevention, and youth development in disproportionately impacted communities in Illinois. That revenue has also gone towards establishing the Illinois Cannabis Social Equity Loan Program, which gives people and communities historically impacted by arrests and imprisonment for cannabis offenses opportunities to work in the legal cannabis industry.
Almost $22 million in forgivable loans have been given to social equity craft growers, transporters, and infusers to date. Applications for forgivable loans for social equity adult use dispensing organizations were accepted through April 2024.
Currently, 218 dispensaries are licensed with the Illinois Department of Financial and Professional Regulation (IDFPR). Additional full dispensary licenses will be issued to conditional licensees selected in the 2022 and 2023 lotteries as they meet the requirements for full licensure.
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