Illinois Breaks Record $1.5 Billion Adult-Use Marijuana Milestone Sales in 2022!

Illinois Breaks Record $1.5 Billion Adult-Use Marijuana Milestone Sales in 2022!

Officials said on Friday that marijuana sales in Illinois hit a record high of more than $1.5 billion in 2022, with December 2018 marking the month with the highest sales volume in history. According to the Illinois Department of Financial and Professional Regulation (IDFPR), adult-use cannabis sales broke all previous records in 2022.

This includes an annual adult-use Cannabis sales total of $1,552,324,820, which is 12% more than the $1,379,088,278 total from 2021 and 131% more than the $669,084,410 from 2020. The month of December 2022 broke all previous records. In that month, adults spent $143,899,826 on 3,446,978 marijuana-related products.

The previous high was $3,180,944 cannabis products sold for $137,896,859 in December 2021. Last month, Marijuana was sold for $95,634,565 to Illinois residents, as opposed to $42,363,394 to out-of-state customers.

Illinois Breaks Record $1.5 Billion Adult-Use Marijuana Milestone Sales in 2022!

In a press release, Governor J.B. Pritzker (D) stated, “We set out on an ambitious goal when I signed the Cannabis Regulation and Tax Act into law in 2019: to establish the fairest and economically prosperous cannabis sector in the nation.” Our data from 2022 demonstrates that we are making good progress in realizing that concept.

Medical cannabis sales are recorded separately by different organizations and are not included in the latest figures. Officials also highlighted the 113 retail dispensaries that are presently operating in Illinois, including three social equity licensees that were granted last year following a prolonged administration effort to start achieving equality targets.

The first of our social equity adult-use cannabis dispensaries opened their doors for business, breaking our previous sales record by more than 12 percent and setting the stage for an even more successful 2023, according to Pritzker.

Illinois Breaks Record $1.5 Billion Adult-Use Marijuana Milestone Sales in 2022!

In 2022, the adult-use cannabis market in Illinois will have grown by record amounts for the second year in a row, according to IDFPR Secretary Mario Treto. “We are enthusiastic for what the future holds for the most egalitarian cannabis business in the country,” Treto said. As we welcome additional dispensaries to Illinois in 2023, “we are optimistic the business will only continue to expand,” he said.

The state reached the $1 billion threshold in August of the 2022 calendar year, two months earlier than it did in 2021. The state’s Marijuana sales and resulting tax revenue for the 2022 Fiscal Year were highlighted separately by Pritzker last year. During that time, $1.5 billion in cannabis sales brought in $445.3 million in tax revenue for Illinois.

The amount of cannabis taxes have increased by 50% from the previous fiscal year. However, officials acknowledge that more work has to be done. The adult-use marijuana sector has a striking lack of diversity among business owners, according to a report published by state regulators in September. It also included a strategy for starting to change that in the current fiscal year.

Illinois Breaks Record $1.5 Billion Adult-Use Marijuana Milestone Sales in 2022!

As roughly 200 new social equity enterprises go online, the industry is expected to grow dramatically. The governor and other state leaders have made it clear that they’re dedicated to seeing to it that, as required by the state’s legalization law, some of the tax revenue from the marijuana market goes toward community reinvestment.

In order to boost community reinvestment in places “hardest affected by the failing war on drugs,” Illinois officials announced in June that the state will be providing $45 million in grants paid for by marijuana taxes. The Restore, Reinvest, and Renew (R3) initiative, which was formed under Illinois’s adult-use cannabis legalization law, announced the second round of financing at that time.

Additionally, state officials allocated $3.5 million in revenue from the cannabis industry in 2021 to initiatives aimed at reducing crime through street intervention programs. The governor revealed in 2020 that his administration has processed more than 500,000 pardons and expungements for those with low-level cannabis crimes on their records, in addition to offering funds for community reinvestment.

Illinois Breaks Record $1.5 Billion Adult-Use Marijuana Milestone Sales in 2022!

Additionally, Pritzker enacted legislation last year that forbids judges from rejecting requests to erase or seal records on the basis of a positive marijuana drug test. Additionally, a state-funded program was formed to assist locals with marijuana offenses in obtaining legal counsel and other assistance in order to have their records sealed.

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