Cannabis Sales Soar to New Record Heights in Illinois

Industry News - Cannabis Sales Soar to New Record Heights in Illinois

So far, the monthly sales in Illinois in 2021 have been astounding. Namely, this February alone, the daily cannabis sales in the Prairie State reached a record-breaking $2.88 million.

More precisely, the IDFPR (Illinois Department of Financial and Professional Regulation) declared $80.7 million in total for the shortest month of the year; a follow-up to the all-time high of $88 million reached this January. 

At this pace, by the end of the year, the state’s 82 working dispensaries will sell $1 billion worth of non-medical cannabis, experts predict. 

And to no great surprise too, seeing how sales in Illinois have been sky-rocketing ever since January 1st, 2020 when recreational marijuana became legal for both purchase and use.

From then on, the sales snowballed, reaching $670 million in 2020 alone — all thanks to the coronavirus effect and increased weed demand in general. Nevertheless, this isn’t the only reason for its outstanding success.

For one, Chicago is the ”Silicon Valley“ of cannabis, hosting three out of the five largest US public companies in the cannabis business (a US record).

Namely, Green Thumb Industries, Cresco Labs, and Verano Holdings surpassed $5 billion in market capitalization last year, filling the federal budget with a hefty sum of tax revenues. 

In 2020, after the first six months of legalization, Illinois marked a fantastic $52 million in tax revenue. That year, the Illinois General Fund was presumably $26 million richer from the cannabis excise and sales taxes. 

Although some industry experts say that this amazing growth will eventually even-off, so far, all evidence points to sunny days for the cannabis industry in the Land of Lincoln.