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420 with CNW — Adult-Use Cannabis Sales in Illinois Surpass $3B Since Recreational Market Launched

Sep 20, 2022 | Cannabis News Wire, Media Partners

This post is presented by our media partner Cannabis News Wire

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Adult-use cannabis sales in the state of Illinois have already surpassed the $1 billion threshold this year. The state’s marijuana sales for the month of August totaled $129,441,315, which brought its total sales for 2022 to $1,015,700,115. Data from the Illinois Department of Financial and Professional Regulation also shows that the space has officially exceeded its $3 billion mark for adult-use marijuana purchases since dispensaries first launched in 2020.

In 2021, adult-use cannabis purchases took until October to surpass the $1 billion mark.

The state’s market has significantly grown these last few years, especially considering that in 2020, consumers purchased about $669 million worth of cannabis.

State data shows that in August, more than $88 million in sales from residents of Illinois was recorded. Visitors from outside the state made up an additional $41 million in cannabis sales. State data also shows that the state generated about $100 million more in tax revenue from adult-use sales than from alcohol last year.

Medical marijuana sales figures are reported by another state agency and thus are not accounted for in this data. Gov. J.B. Pritzker recently proclaimed the state’s cannabis sales and generated tax revenue for the 2022 fiscal year.

The data shows that the state of Illinois collected about $445 million in tax revenue from $1.5 billion in marijuana sales during this period. This represents a 50% increase in marijuana tax dollars in comparison to the 2021 Fiscal Year. Pritzker and other officials in the state have stated that they are focused on ensuring that a portion of the tax dollars generated from the cannabis market is allocated to community reinvestment, as stipulated under Illinois’ legalization law.

Earlier in June, state officials announced that $45 million in grants financed by cannabis tax dollars would be disbursed for community reinvestment in areas that were the most affected by the drug war.

This is the second  series of funding that’s been availed by the state’s Restore, Reinvest and Renew program. The program, dubbed the R3 program, was established under the state’s adult-use marijuana legalization law.

In 2021, the state also allocated $3.5 million in marijuana-generated funds toward efforts to decrease violence through intervention programs.

It is expected that recreational cannabis sales in the state of Illinois will increase after officials approved additional social equity cannabis retailer licenses two months ago. The additional licenses will increase the number of dispensaries operating in the state once the businesses start running.

The adult-use cannabis sales successes registered in Illinois show just how much companies such as Flora Growth Corp. (NASDAQ: FLGC) can contribute to the states and communities in which they are allowed to operate.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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