Illinois Cannabis Sales: July’s Unprecedented Surge
A Staggering Sales Milestone
July 2023 stands out in the annals of Illinois cannabis sales, registering a record-breaking $140 million. This surge isn’t just about the numbers. It showcases Illinois’ strategic positioning in the market, captivating both its resident and visiting patrons. Diving deeper, Illinois residents contributed a commendable $104.3 million. On the other hand, out-of-state customers, likely influenced by Wisconsin’s “island of prohibition” status, pitched in $35.6 million.
Comparing with Past Achievements
This July sales figure is second only to December 2022, which saw sales of $143.9 million. The entire 2022 span witnessed Illinois cannabis sales amass an impressive $1.5 billion. Highlighting its growing demand, July alone recorded the sale of 3.5 million cannabis items—this being the peak since Illinois legalized recreational cannabis in 2020.
Emerging as a Cannabis Titan
2023 has seen Illinois cannabis sales tally up to an impressive $924.4 million. Contemporary reports indicate that cannabis prices in Illinois rank among the nation’s highest, positioning it as the third-largest cannabis market, trailing only behind California and Michigan.
Behind the Pricing and Limited Brand Choices
A factor that stands out in the state’s cannabis scenario is its pricing. Headset’s data reveals Illinois’ average pricing for cannabis items is about 89% higher than the U.S. average. This can be attributed to its limited brand variety—with just 118 unique cannabis brands. A whopping 68% of Illinois cannabis sales come from the top 10 brands, indicating a concentrated market.
Future Trajectory and Equity Concerns
The Illinois cannabis sector has experienced a boom since its inception in 2020. However, as John R. Daley, from Daley Strategy Group, mentions, there’s a pressing need to ensure that this growth is equitable, especially for the Black and Brown communities. As we gaze into the future, inclusivity becomes the watchword for this flourishing industry.
