Illinois sales officially surpassed $1 billion in adult marijuana sales in 2021, a major economic milestone since the state launched the retail market last year.
The Illinois Department of Financial and Professional Regulation (IDFPR) reported Tuesday that there were $123,375,372 in recreational cannabis purchases in October, bringing the total to $1.12 billion for the year so far.
Adults bought 2,757,354 marijuana products last month, with most sales ($81,212,423) coming from state residents and the rest ($42,162,949) from out-of-state visitors.
$123 million is less than the state’s peak sales of $127,794,220 in July — which officials did in part Attributed to a batch of the Lollapalooza Music Festival—but it was the second biggest month since the January 2020 sales launch.
This is the eighth month in a row Adult marijuana sales have crossed $100 million in the state.
the new Numbers It does not include sales of medical cannabis, which are separately tracked by a different agency.
The president of the Illinois Chamber of Commerce predicted back in May that retailers would sell Over $1 billion in marijuana sales for adults In 2021, and they’ve now made it happen with two more months left in the year.
The level of cannabis trade means a significant increase in the state’s revenue. Illinois sold about $670 million of marijuana last year and Received $205.4 million in tax revenue.
The country was born Quarterly tax dollars more from marijuana than alcohol For the first time earlier this year, the Illinois Department of Revenue reported in May. From January to March, Illinois generated about $86,537,000 in adult use tax revenue for marijuana, compared with $72,281,000 from liquor sales.
In July, state officials put $3.5 million into Cannabis-generated money for efforts to reduce violence Through street intervention programmes.
Wisconsin Gov. Tony Evers, D, is tired of hearing those sales numbers, he said in April, joking that Illinois Gov. J.B. Pritzker, D, has always Thank me for Wisconsin crossing the border to buy marijuana. Because the neighboring country does not have a legal market.
Illinois officials emphasized that the tax money from all of these sales is being put to good use. For example, the state announced in January that it distributes $31.5 million in grants funded by marijuana tax dollars For communities that have been disproportionately affected by the war on drugs.
The funds are part of the State Recovery, Reinvestment, and Renewal (R3) Program, which was Established under the law to legalize adult use of cannabis in Illinois. It takes 25 percent of marijuana tax dollars to be put into this fund and used to provide disadvantaged people with services such as legal aid, youth development, re-entry into society, and financial support.
Giving the new grant money isn’t all that Illinois is doing to advance social justice and repair the harms of cannabis decriminalization. Pritzker announced in December that his office has I have processed more than 500,000 write-offs and pardons For people who have a low level of cannabis convictions on their records.
Similarly, the a A state-funded initiative was recently established To help residents convicted of marijuana obtain legal assistance and other services to have their records erased.
But promoting social justice in the state’s cannabis industry has proven challenging. Illinois has faced criticism from advocates and lawsuits from marijuana applicants who feel officials have not done enough to ensure diversity among business owners in the industry.
Pritzker signed a bill in July that was supposed to build on the state’s legalization law Create more commercial licensing opportunities for cannabis To help people from disproportionately affected communities enter the marijuana industry. Since then, regulators have held a series of sweepstakes to award additional dispensary licenses, but the losing companies have since lodged legal challenges to the process.
Meanwhile, a House committee approved a resolution earlier this year Widely condemns the war on drugsHe described it as “the longest war for the United States, the most costly and ultimately a complete and shameful failure.”
Marijuana markets were booming in states across the United States
Recreational marijuana sales in Maine He broke another record in AugustIt crossed $10 million for the first time Since the launch of the adult use market in October 2020.
Arizona brought $21 million in medical marijuana tax revenue and adult abuse In July, state officials recently reported on a new webpage that enables people to more easily track how the industry is developing.
California collected Approximately $817 million in adult use tax revenue for marijuana During the 2020-2021 fiscal year, state officials estimated in August. That’s 55 percent more cannabis earnings for state coffers than was made in the previous fiscal year.
A recent scientific analysis of sales data in Alaska, Colorado, Oregon and Washington state found that marijuana purchases “have Increased during the COVID-19 epidemic than it has been in the past two years.”
In July alone at least Three states saw record sales For recreational cannabis. The same goes for Missouri’s medical marijuana program.
Michigan Marijuana sales broke another record in July More than $171 million in cannabis transactions, according to data from the state regulator. There were $128 million in adult use sales and $43 million in medical cannabis purchases.
Throughout the pandemic, many states have allowed retail cannabis dealers to stay open — with governors and regulators in many markets. Declaring marijuana businesses as essential servicesSome jurisdictions have issued emergency rules allowing for curbside delivery, delivery services, or other more relaxed policies in order to facilitate social distancing.
Meanwhile, New York officials Predict marijuana tax revenue It will help keep the state budget afloat as cigarette sales continue to decline over the coming years. But retail sales haven’t even started yet.