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Press Release - Wednesday, July 10, 2024
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State of Illinois Celebrates $1 Billion in Cannabis Retail Sales
Illinois cannabis industry continues to lead social equity efforts nationwide
CHICAGO - Governor JB Pritzker announced today that Illinois reached $1 billion in cannabis retail sales on July 1, 2024. This includes more than $850 million in adult use cannabis sales and almost $150 million in medical cannabis sales. 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). A complete month-by-month breakdown on cannabis sales in Illinois may be found online here.
"Illinois has the most equitable cannabis industry in the country and it's growing and thriving," said Governor JB Pritzker. "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," said Cannabis Regulation Oversight Officer Erin Johnson. "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. That revenue also enabled the Illinois Department of Commerce and Economic Opportunity (DCEO) 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. Applications for forgivable loans for social equity adult use dispensing organizations were accepted through April 2024, with further updates coming as soon as they're available. 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.
"It is imperative barriers are removed to ensure workforces and industries reflect the diversity of the population who calls Illinois home," said IDFPR Secretary Mario Treto, Jr. "We are already seeing the results of our efforts to accomplish this, and I am excited to see what the future holds for the cannabis industry across Illinois."
Learn more about the most diverse cannabis industry in the country on the Cannabis Regulation Oversight Office's website.
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