Illinois Notches Record-Breaking Cannabis Sales in June

Illinois Notches Record-Breaking Cannabis Sales in June

The cannabis industry in Illinois, which in June 2019 became the latest state to legalize, broke its own record for recreational sales last month. The Prairie State’s 56 adult-use dispensaries sold nearly a million cannabis items worth upwards of $47.6 million after taxes. According to official state figures reported by the Arlington Heights Daily Herald and industry monitor Marijuana Moment, $35.3 million worth of sales came from in-state residents, with $12.4 million attributed to sales made by out-of-state visitors. All told, Illinois retailers sold 994,545 THC products in June 2020 — 5,000 more than the previous month. Illinois dispensaries have sold over $239 million worth of merchandise since legal sales took effect Jan 1. This is, of course, good news for the state of Illinois. New tax figures are to be released later this month by the state Department of Revenue. In May —also a record-breaking month — the state took in $12.5 million in cannabis taxes and associated sales taxes. That brought the state’s tax collections from legal cannabis to $52.7 million for the first five months of sales — well above the $28 million estimated for this year’s budget, which ended June 30.  Towns and counties that allow cannabis sales will begin adding their own taxes in July. While this might modestly increase the purchase price, it will be a boon to localities in a challenging time. Still Grappling with Equity  Amid this boom, state and local authorities in the Land of Lincoln are grappling with how to craft a cannabis industry…

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Source : cannabis now
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