by Hunter Dublin | September 8, 2022
Per the report of Department of Financial and Professional Regulation data cited by Cannabis Business Times, Illinois sold more than $1 billion in adult-use cannabis by the end of August. The total sales of $1,015,700,115.70 represent a 16% year-over-year increase from August 2021 — last year, Illinois did not reach the $1 billion sales mark until October, according to the report.
Sales peaked in July at $135.7 million, possibly due to this year's five weekends, but fell to $129 million in August, a 4.6% decrease that was expected based on the previous year's data. According to the report, over $41 million in sales were to out-of-state residents, accounting for 32% of total receipts.
The state's cannabis tax revenue increased by 50%, from $297.7 million in 2020 to $445.3 million in 2021, with 25% of the funds going to communities most affected by the drug war.
Illinois completed its first round of social-equity licensing earlier this month, granting a total of 185 conditional adult-use licenses. Gov. JB Pritzker (D) said in a statement after the licenses were granted that the state is "leading the way in equity-centered cannabis legalization."
"We have reached a tremendous milestone with all 185 conditional licenses now in the hands of social-equity applicants," he said. "We look forward to getting these businesses running, generating jobs in the communities most harmed by the failed drug war, and establishing ownership in Illinois' cannabis industry as the most diverse in the country."