Illinois Sets New Marijuana Sales Record In First Month Of 2021

MJ moment

Illinois set yet another marijuana sales record in January, with more than $88 million in adult-use cannabis purchases in the first month of 2021. Pandemic notwithstanding, people are still flocking to marijuana retailers one year after legal sales launched. The state has generally seen this upward trend in cannabis purchases since the market went online. Of the $88 million spent on nearly 1.9 million adult-use marijuana products last month, more than $25 million came from out-of-state visitors, the Illinois Department of Financial and Professional Regulation said in an updated notice on Tuesday. Via IDFPR. For context, last month’s sales figures are more than double what they were in January 2020, the first month of legalization. Meanwhile, out-of-state sales from this January roughly match the total in-state purchases from February 2020 ($25,615,371). In December, Illinois reported $86 million in adult-use sales from 1,896,941 cannabis products—the previous record. Recreational cannabis now represents the lion’s share of marijuana purchases in the state. Combined with medical cannabis sales, Illinois saw more than $1 billion dollars spent in the market in 2020. And officials have emphasized that tax revenue from those sales is being put to good use. For example, the state announced last month that it is distributing $31.5 million in grants funded by marijuana tax dollars to communities that have been disproportionately impacted by the war on drugs. The funds are part of the state’s Restore, Reinvest, and Renew (R3) program, which was established under Illinois’s adult-use cannabis legalization law. It requires 25 percent of marijuana tax dollars to be put in that fund and used to provide disadvantaged people with services such as legal aid, youth development, community reentry and financial support. Awarding the new grant money is not all that Illinois is doing to promote social equity and repair the harms of…

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Source : Illinois Sets New Marijuana Sales Record In First Month Of 2021

reposted by Cannabis News World

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