As the cannabis industry continues to soar to new heights, more and more states are getting in on the action. One of these states is Illinois. Despite Illinois offering medical cannabis to patients for nearly a decade, the Land of Lincoln is relatively new to the recreational sales of cannabis. Despite this, Illinois has achieved a grand milestone revolving around all sales of cannabis. Illinois becomes the first state to sell nearly $100 million in cannabis sales since the recreational laws were put into effect.
Illinois broke another record for cannabis sales in September. The Land of Lincoln sold nearly $100 million in combined adult-use and medical cannabis in the previous month. Specifically, the total sales of adult-use as well as medical cannabis for September equaled an astonishing $99,086,699.10. In August, Illinois would go on to rack in more than $95 million in sales. Adult-use recreational marijuana is comprised of more than $67 million, compared to just under $64 million in August. This brings the total amount of recreational marijuana sales in Illinois since legalization to approximately $430 million. In July the state reported it had collected $52 million in taxes from legal marijuana sales in the first half of 2020. The state charges a variety of taxes on marijuana depending on the amount of THC, the ingredient that gets you high. Tax ranges from 10% – 20% at retail locations. Illinois collects $52M in taxes from legal marijuana sales in the first half of 2020. The state also charges a 7% tax to cultivators on the sale of cannabis to retailers. The Cook County Board approved an additional 3% tax on recreational marijuana sales throughout the county. That tax went into effect July 1. In July, more than $239 million in recreational marijuana had been sold
Obtaining Cannabis in Illinois Pre-Rec
Until January of this year, only individuals who possessed a medical marijuana card were able to purchase cannabis in Illinois. These medical limits include:
No more than 2 ½ ounces within a 14-day window for patients who possess a medical marijuana card
Additionally, adults who are at least 21 years of age can lawfully possess the following amount of cannabis:
No more than 30 grams of cannabis flower
No more than 500 mg of THC found within cannabis-infused products (i.e. edibles)
5 grams of cannabis concentrates
Recreational Cannabis Consumers in Illinois
Recreational cannabis consumers can also purchase up to 1 ounce, or 28 grams of dry cannabis flowers and up to ⅛, or 3 ½ grams of cannabis concentrates. Additionally,
Illinois has enacted legislation that will allow individuals who are at least 21 years of age to grow cannabis in the privacy of their own homes. They are limited to no more than 5 cannabis plants at a time and must remain out of plain sight (i.e. front yard garden.)
How COVID-19 Helped Set the Record
Believe it or not, COVID-19 played a pivotal role in Illinois reaching this milestone. Since March of 2020, most of the nation has been on quarantine to help avoid the spreading of COVID-19. During this time, dispensaries were seeing significant increases in sales via cannabis delivery services. Moreover, restrictions would be lifted in most places around the country around the middle of August. This would give dispensaries the foot traffic they have been lacking for the past six months. This, combined with cannabis consumers being pent up in their home for literally months was all that was required. The rest has literally become history. Illinois is currently on pace to make approximately another $215 million by the end of the calendar year.