Illinois Hits $1B in Cannabis Sales This Year

Illinois Cannabis Sales Hit $1 Billion Milestone, Fueling Economic Growth and Social Equity

Illinois Governor J.B. Pritzker announced on Wednesday that the state reached a significant milestone, surpassing $1 billion in cannabis retail sales as of July 1. This achievement encompasses over $850 million in adult-use cannabis sales and nearly $150 million in medical cannabis sales. Notably, Illinois reached this milestone nearly two weeks faster in 2024 compared to 2023, when the $1 billion mark was not reached until July 10.

The state’s Fiscal Year 2024 witnessed total cannabis sales exceeding $2 billion, an increase from $1.9 billion in Fiscal Year 2023 and $1.8 billion in Fiscal Year 2022, according to a news release.

Governor Pritzker on Economic and Social Impact

“Illinois has the most equitable cannabis industry in the country, and it’s growing and thriving,” Pritzker said. “The increase in total adult-use cannabis sales, combined with the policies my administration is implementing to support communities ravaged by the War on Drugs, highlights how this emerging industry is helping us set a national standard in equity and economic justice. Growing sales in 2024 means cannabis tax revenue will continue to play a major role in righting decades of wrongs in the state’s criminal justice system.”

Sales and Consumer Data

Data from the Cannabis Regulation Oversight Office reveals that Illinois consumers accounted for 81% of the total value of cannabis purchases in the first six months of 2024, while out-of-state consumers contributed 19%. The sales breakdown by product type showed 49% cannabis flower, 32% vape, and 22% edibles, with liquid edibles making up 1.1%.

Erin Johnson, Cannabis Regulation Oversight Officer, commented on the expanding market: “More and more cannabis businesses opening their doors means more and more unique products for consumers to choose from. We welcome these new opportunities for ownership and employment to help support individuals and communities across the state in undoing the harms from the War on Drugs.”

Economic and Social Equity Initiatives

The substantial tax revenue generated from cannabis sales has enabled the state to fund various initiatives aimed at economic development and social equity. Over $244 million has been allocated to R3 Grants, which focus on economic development, violence prevention, and youth development in communities disproportionately impacted by the War on Drugs.

Additionally, the Illinois Department of Commerce and Economic Opportunity established the Illinois Cannabis Social Equity Loan Program. This program aims to connect people and communities historically affected by cannabis-related arrests and imprisonment with opportunities in the legal cannabis industry. To date, nearly $22 million in forgivable loans have been issued to social equity craft growers, transporters, and infusers.

Workforce Trends

Amid the burgeoning cannabis market, a recent study reported a record number of workers in the U.S. tested positive for cannabis. This trend underscores the growing acceptance and integration of cannabis into daily life and the workforce.

Illinois’s achievement of $1 billion in cannabis sales marks a significant milestone not only for the state’s economy but also for its efforts to promote social equity and justice. As the industry continues to expand, the state remains committed to supporting communities and individuals historically marginalized by cannabis prohibition.