Illinois Cannabis Sales Reached a Record $1.55 Billion in 2022

Adult-use cannabis sales in the small state of Illinois, with a population of 12.7 million, hit a record $1.55 billion in 2022.

“When I signed the Cannabis Regulation and Tax Act into law in 2019, we set out on an ambitious goal: to create the most equitable and economically prosperous cannabis industry in the nation,” Gov. J.B. Pritzker (D) said in a press release. “Our data from 2022 shows that we are well on our way towards making that idea a reality.”

This is a new record and a 12% increase over 2021 and up 131% since 2020, when legal cannabis sales began. There are currently 113 licensed adult-use cannabis dispensaries and stores in Illinois.

Monthly sales averaged $130 million until the holiday season, when they reached a record high of nearly $144 million in December, according to state data.

Illinois Governor JB Pritzker said the first adult-use cannabis dispensaries opened last year, which are run by people with criminal convictions related to cannabis possession.

“Not only did we break our previous sales record by more than 12 percent with a total of more than $1.5 billion, but we also saw the first of our social equity adult-use cannabis dispensaries open their doors for business—paving the way for an even stronger 2023,” Pritzker said.

A total of 3 adult-use cannabis dispensaries opened last year, while another 189 licensees are in the process of obtaining full licenses from state regulators.

Sales to Illinois residents totaled $1,073,132,436, up nearly 14% from 2021, while sales to out-of-state residents totaled $479,192,383, up nearly 10% from 2021.

Medical cannabis sales through November totaled $322 million. This is slightly less than the amount earned a year earlier, indicating that the medical market has peaked.

If you want to find more details about the cannabis market in Illinois and to read the most important cannabis news of the day, download for free the Hemp.im mobile app.

Illinois earned $435 million in 2022 from cannabis sales

The high sales meant a further increase in tax revenue for the state – $435 million in fiscal 2022, which ended June 30rd.

25% of this revenue will go to neighborhood reinvestment programs, 20% to substance abuse treatment, prevention and mental health, 8% to prevention programs, and 45% will go to the state budget.

One reason for the increase in sales, despite falling prices across the United States, is that the cost of legal marijuana in Illinois is one of the highest in the US, as only 21 businesses are licensed to grow marijuana.

Mario Treto, Jr, secretary of the Illinois Department of Financial and Professional Regulation (IDFPR), noted that 2022 was the second consecutive year that the state’s cannabis industry saw “record growth.”

“We are excited about what the future holds for the cannabis industry. We are optimistic and believe the industry will only grow in 2023, when we will see more cannabis stores in Illinois,” said Mario Treto, Jr.

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(Featured image by Elsa Olofsson via Pexels)

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