Illinois Marijuana Retailers Have Sold $1 Billion in Legal Product So Far This Year, Governor Announces

Illinois marijuana retailers have already sold more than $1 billion in legal cannabis products in 2024, Gov. J.B. Pritzker (D) announced Wednesday, noting that the state is reaching the $1 billion mark at a faster pace than it did in 2023.

Total sales include more than $850 million in recreational cannabis and nearly $150 million in medical marijuana.

Pritzker said legal stores in the state crossed the threshold this year on July 1. Last year, they reached the milestone on July 10, a sign officials say Illinois’ marijuana market is still expanding.

The governor said the state’s marijuana industry, which he called “the most equitable cannabis industry in the country,” is “growing and thriving.”

“The increase in total adult-use cannabis sales, combined with the policies my administration has implemented to support communities ravaged by the war on drugs, demonstrates how this emerging industry is helping us set a national standard for equity and economic justice,” Pritzker said. “Sales growth in 2024 means cannabis tax revenue will continue to play a major role in righting decades of wrongs in the state’s criminal justice system.”

In terms of fiscal years, fiscal 2024, which ended last month, saw more than $2 billion in cannabis sales. In fiscal 2023, that figure was $1.9 billion. In 2022, it was $1.8 billion.

Illinois retailers sold just under $2 billion worth of marijuana in calendar year 2023, setting a monthly record in December that still stands.

The new records come after a smaller record set in November: the highest marijuana sales ever recorded to state residents, as reported by the Illinois Department of Financial and Professional Regulation (IDFPR).

According to the state’s latest press release issued Wednesday, out-of-state consumers accounted for 19% of purchases at legal stores in the first half of 2024.

Medical marijuana sales, meanwhile, have declined slightly since adult-use stores opened, according to state sales data.

“As more cannabis businesses open, consumers will have more unique products to choose from,” Erin Johnson, Illinois’ chief cannabis regulator, said in a state news release. “We welcome these new ownership and employment opportunities that help individuals and communities across the state repair the damage caused by the war on drugs.”

Currently, 218 marijuana retailers are licensed by state regulators.

Tax revenue from cannabis sales has provided more than $244 million in grants to encourage economic development, violence prevention and youth development in areas disproportionately affected by cannabis-related arrests and incarcerations, the state said Wednesday. And through its Cannabis Social Loan Program, “nearly $22 million in forgivable loans have been provided to craft growers, transporters and cannabis infusers.”

More loans are expected to be awarded soon after the April deadline for the last round. The state also said more full dispensary licenses will be awarded “to conditional licensees selected in the 2022 and 2023 lotteries as they meet the requirements for a full license.”

“Removing barriers is imperative to ensuring that the workforce and industries reflect the diversity of the people who call Illinois home,” said Mario Treto Jr., Secretary of the Illinois Department of Financial and Professional Regulation. “We are already seeing the results of our efforts to do this, and I look forward to seeing what the future holds for the cannabis industry in Illinois.”

According to state sales data, prices for some adult-use cannabis products have declined in recent years, while others have remained roughly flat. Dabber extracts, in particular, have fallen from a high of $125 per gram in March 2020 to about $58 per gram last month. The price of marijuana flower, meanwhile, has fallen from about $17.50 per gram in early 2020 to $9.20 per gram last month.

Consumer prices for edibles and infused beverages have also been steadily declining in recent years, while prices for topicals and RSO (another type of cannabis extract) have rebounded to about the same level. Prices for medical marijuana products have been more erratic, but have generally followed similar trends.

While adult-use cannabis purchases make up the majority of the overall marijuana market, medical patients disproportionately purchase RSO, which is commonly used to treat symptoms of cancer and other diseases. Registered patients purchased 45% of all RSO products last month, while they purchased about 20% or less of other product categories.

In recent months, Illinois officials have considered making changes to how hemp-derived cannabinoids are regulated, but a proposal to do so failed to make it out of the General Assembly this session.

Separately, state senators considered a bill earlier this year that would have legalized psilocybin and allowed regulated access through service centers, where adults could use the drug in a supervised setting.

The state also gave preliminary approval in March to add female orgasmic disorder, or FOD, as a condition of eligibility for medical cannabis.

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