Based on recent state data, Illinois has achieved a cannabis milestone, going beyond $1B in legal marijuana sales during 2020.
After the state announced regulated adult-use cannabis sales almost a year ago, it has experienced a significant improvement in sales during the months that followed amid the covid-19 pandemic.
Illinois’ officials are currently reporting about $1,000,308,800 in total purchases from adult-use and medical cannabis sales over the course of 2020. This figure doesn’t include data from medicinal marijuana sales during December since they haven’t been disseminated yet.
According to data released on Monday, recreational cannabis sales reached $87 million during December alone, which surpasses November’s sales by $10 million. According to the state’s Financial and Professional Regulation Department, the total monthly adult-use sales have doubled since retail stores opened in January.
Authorized medical cannabis dispensaries sold $331,224,390 in marijuana products by the end of November.
The state sold about 1.9 million adult-use marijuana products during December, and over a quarter of the sales were made by residents from other states. Retailers within the state sold 14,485,704 recreational marijuana products by the end of last year.
In October, state officials disclosed that Illinois had reaped over $100M in proceeds from marijuana sales since the market’s opening. The officials emphasized that although they appreciate the financial perks of legalization, the policy has to be paired with restorative justice for areas most affected by the failed fight on drugs.
Thus, around 25% of the collected marijuana sales revenue is assigned for restorative justice incentives, and the remaining funds will support mental health and substance misuse treatment. In May, Illinois announced earning nearly $31M in social equity incentives available to areas projected as financially distressed.
Governor J.B Pritzker also announced recently over 500,000 pardons and expungements for folks with minor cannabis-related charges.