Illinois Cannabis Retailers Hit Record Sales in November

LOS ANGELES- November marked a historic month for Illinois’ adult-use cannabis retailers, as they achieved the highest single-month sales of legal cannabis since the opening of weed shops in January 2020. The Illinois Department of Financial and Professional Regulation reported an impressive $139.1 million in total recreational cannabis sales. This figure breaks down into $105.5 million in sales to Illinois residents and $33.6 million by out-of-state customers, as per Marijuana Moment’s analysis.

The state witnessed the sale of more individual adult-use cannabis products than ever before, totaling 3.77 million items. While the exact numbers for November’s medical cannabis sales are pending, October saw sales reach $26.2 million, with dry flower and concentrates/infused products being the major contributors.

Despite these significant sales, Illinois consumers are facing higher cannabis prices than many states with legal markets. Governor J.B. Pritzker acknowledged these high prices, but also noted the industry’s consistent growth and substantial sales to visitors from other states.

Fiscal year 2023 has been a year of unprecedented growth for the state-legal cannabis market in Illinois. The opening of 28 new retailers played a key role, with total retail sales surpassing $1.5 billion. Interestingly, legal cannabis revenue for the state reached approximately $451.9 million, outpacing alcohol revenue, which stood at around $316.3 million.

In a move to advance social equity in cannabis licensing, Illinois issued 200 conditional licenses and established a Social Equity Criteria Lottery. This initiative aims to prioritize individuals disproportionately affected by drug laws, with over 2,600 applicants for 55 new social equity dispensary licenses, most of which were allocated in Cook County.

The state’s cannabis market has seen a notable increase in diversity, with Black-owned companies now representing 27% of the market, Latino/a or Hispanic-owned companies 5%, Asian-owned companies 3%, and women-owned businesses 16%. Despite this progress in diversity, small cannabis growers face challenges, struggling to compete in the booming legal market.

This shift in the Illinois cannabis market underscores the dynamic nature of the industry, balancing growth with challenges and emphasizing social equity in its evolving landscape.