Illinois marijuana retailers have set new sales records for the year 2023. They sold $181.8 millions worth of cannabis in December, including $153.9 million dollars in purchases for adult use. Medical marijuana sales in December reached their highest level since April at $27.9 millions.
The legal cannabis market in 2023 will set a record for annual sales, with a total of just under 2 billion dollars. This includes more than $1.6 from the adult-use marijuana market that was launched by the state four years ago.
According to the Illinois Department of Revenue, recreational marijuana sales will generate $417.6 millions in tax revenue in 2023.
“From the very beginning, my administration put equity as the priority to create the most accessible cannabis sector in the country,” Governor. J.B. Pritzker, a Democrat, said the following in a Thursday press release announcing fiscal data. “Our work continues to repair the past damage while providing opportunities for all communities in the state, and creating a prosperous future.”
Lt. Governor. Juliana Stratton , a Democrat, said. The proceeds from these sales will go towards continuing to invest in the economic growth of historically under-invested populations.
The new record comes after another, more minor one that was set in November. That was the highest ever marijuana sales made to residents of Illinois as reported by Illinois Department of Financial and Professional Regulation. The new figures for last month set another record in terms of purchases by state residents. They came to $117.9 millions.
In December, consumers purchased 4,213,747 marijuana products for adult use. This is also a monthly record. In Illinois, recreational cannabis dispensaries sold 42,124.741 products in 2023.
Medical marijuana sales in December were dominated by concentrates and infused products (53,7 percent), which accounted for $15 million. Flower accounted for 46.3 percent, or $12.9 million in total sales.
Since November 2015, medical marijuana sales totaled $2 billion.
State officials stated in an October annual report about fiscal year 2023 which ended on June 30, last year that sales of state-legal marijuana had experienced “unprecedented growth with the openings of 28 new retail outlets and more than $1.55 billion of total recorded retail sales.
According to the Department of Revenue, Illinois collected nearly $100 million more in tax revenue from marijuana than alcohol in 2021. In the past, Illinois has made more money from cannabis than alcohol.
200 conditional licences were granted over the course of the fiscal year. The department finalized the rules for the Social Equity Criteria Lottery in December 2022. This lottery is aimed at giving priority to people who are disproportionately affected by the drug war. Over 2,600 people applied for 55 social equity dispensary licences.
Cook County is the most populous county in the state.
A recent report from the state’s Cannabis Regulation Oversight Officer indicated that the diversity of the marijuana industry has increased significantly since the adult-use sales started. This is a sign that recent efforts to prioritize social equality license applicants are having a tangible impact.
The office’s report on diversity revealed that when recreational marijuana sales started in 2020, “the initial businesses were 100% White-owned and only one was majority female-owned.” has improved its measures of diversity.
The key change is that Black-owned businesses increased from 0 to 27 percent in the period 2020-2023. Latino/a/Hispanic-owned firms increased from 0 to 5 percent. Asian-owned businesses went from 0 to 3 percent. Women now own 16 percent of cannabis-licensed companies.
Despite millions of dollars in state assistance , small craft cannabis growers are struggling, according to reports.
Pritzker has recently downplayed Illinois’ high prices by pointing out the industry’s steady growth, and the substantial sales to residents from other states.
The governor signed into law a bill that waives application fees for marijuana transporter groups currently in existence until January 1, 2027.
NORML report shows that over 2.3 million marijuana records have been expunged by states since 2018.
The post Illinois Marijuana retailers sold $2 billion worth of legal products in 2023, including a new monthly record in December first appeared on Marijuana Moment.
