Four States Report Record-Breaking Marijuana Sales In July

MJ moment

July was an especially productive and profitable month for the marijuana industry, with retailers making record-breaking sales in at least four states. This is continuing a trend that’s been observed in numerous states as cannabis markets have come online and matured. And it’s all the more impressive considering how the industry has thrived even amid the coronavirus pandemic. In Illinois, Maine and Michigan, sales on adult-use marijuana products reached new highs in July. The same goes for Missouri’s medical cannabis market. Here’s a breakdown of the record month of marijuana sales in July:  Illinois The Prairie State saw nearly $128 million in recreational cannabis purchases last month—more than double the total monthly sales from a year ago. People bought 2,802,124 individual cannabis products in July, which represents another monthly record. The Illinois Department of Financial and Professional Regulation reported that in-state residents bought $85 million in marijuana, or 69 percent, while out-of-state visitors accounted for $42 million in sales. July marks the fifth consecutive month that sales in Illinois’s adult-use market have topped $100 million. If the trend continues, the state is on track to see more than $1 billion in adult-use marijuana sales in 2021. That would mean a significant increase revenue for the state. Illinois sold about $670 million in cannabis last year and took in $205.4 million in tax revenue. Illinois took in more tax dollars from marijuana than alcohol for the first time last quarter, officials reported in May. From January to March, Illinois generated about $86,537,000 in adult-use marijuana tax revenue, compared to $72,281,000 from liquor sales. Maine Adult-use marijuana sales reached $9.4 million in July—a 45 percent increase from the prior month’s record. Cannabis business owners on the ground credit the Fourth of July holiday and tourism for the spike, The Portland Press Herald reported. The retail market for…

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Source : Four States Report Record-Breaking Marijuana Sales In July

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