US (IL): More than $1 billion in cannabis sold this year

Illinois has officially exceeded $1 billion in adult-use cannabis sales in 2021, a major economic milestone since the state launched its retail market last year. The Illinois Department of Financial and Professional Regulation (IDFPR) reported on Tuesday that there were $123,375,372 in adult-use cannabis purchases in October, raising the total to $1.12 billion for the year so far.

The $123 million haul is lower than the state’s peak sales of $127,794,220 in July — which officials partly attributed to a boost from the music festival Lollapalooza — but it was the second-biggest month since sales launched in January 2020, and this is the eighth month in a row that adult-use cannabis sales surpassed $100 million in the state.

The state generated more quarterly tax dollars from cannabis 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 cannabis tax revenue, compared to $72,281,000 from liquor sales.

Illinois officials have emphasized that the tax dollars from all of these sales are being put to good use. For example, the state announced in January that it is distributing $31.5 million in grants funded by cannabis tax dollars to communities that have been disproportionately impacted by the war on drugs.

Read the complete article at marijuanamoment.net


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