Monthly cannabis sales surpassed $100 million during March in Illinois, breaking the record. Based on the federal Department of Financial and Professional Regulation, 21 and over individuals spent $109,149,355 on recreational marijuana commodities last month. That’s about $30 million higher than February and $20 million higher than January’s record.
Although it isn’t known why last month was so popular for cannabis, Illinois has experienced a surging trend after launching legal sales. Even during the COVID-19 pandemic, the region saw increased marijuana purchases within its market, both from out-of-state visitors and residents.
2,317,315 cannabis products were purchased this month. Illinois inhabitants purchased $75,744,092 worth of marijuana, compared to $33,405,263 from out-of-state folks.
Based on a Chicago Sun-Times post, the median average sales reached about $3.5 million during March.
In case this trend continues, Illinois may reap over $1 billion in recreational cannabis sales this year. That will convert into a crucial tax revenue windfall for the territory. In 2020, the jurisdiction sold nearly $600 million in marijuana and acquired $205.4M in tax proceeds.
Medical marijuana sales figures haven’t been launched yet; however, according to the Public Health Department, $33M was acquired in January.
Department officials have highlighted that tax profit from these cannabis sales is being allocated for the right use. For instance, Illinois stated that it would apportion USD31.5 million in loans serviced by cannabis revenue to communities hardest hit by the futile Drug War.
An R3(Restore, Reinvest and Renew) program would be created under the state’s recreational marijuana legalization regulation. The program would award the funds. The fund would require 25% of cannabis tax revenue and be apportioned for providing disadvantaged folks with services such as youth development, financial support, and community reentry.
Illinois is doing more than fostering social equity and undoing cannabis prohibition harms. Late last year, Governor Pritzker J.B stated that his department processed over 500,000 pardons and expungements for folks with minor marijuana convictions on record.