Plus   Neg

Illinois Recreational Cannabis Sales Top $47 Million In June

Illinois has set another record for recreational cannabis sales in the state amid the coronavirus pandemic.

According to data provided by the Illinois Department of Financial and Professional Regulation or IDFPR, adult use cannabis sales in the month of June rose to a record $47.65 million from $44.32 million in the previous month.

In-state resident recreational marijuana sales grew to $35.26 million in June from $34.10 million in May, while out-of-state resident sales rose to $12.39 million from $10.22 million in the prior month.

Illinois dispensaries sold almost one million marijuana items in the June. The total number of marijuana items sold by stores in Illinois increased to 994,545 in June from 989,179 a month ago.

The figures do not include taxes collected, as those figures will be provided by the Illinois Department of Revenue later in the month.

In June 2019, Illinois officially became the eleventh U.S. state to legalize marijuana for adult use after Governor J.B. Pritzker, who advocated for legalization in his 2018 campaign, signed the marijuana legalization bill into law.

Under the new law, Illinois residents can buy 30 grams of cannabis flower, 5 grams of cannabis concentrate and up to 500 milligrams of THC contained in a cannabis-infused product. Non-Illinois residents are allowed to buy only half those amounts and cannot transport it across state lines.

Illinois commenced the sales of recreational marijuana in licensed dispensaries across the state from January 1 this year. The state generated $3.2 million in recreational marijuana sales on New Year's Day.

Illinois has recorded total sales of $239.18 million in the first six months of legalized marijuana sales in the state.

The Illinois Department of Revenue has projected that the marijuana industry will generate over $57 million in tax revenue and licensing fees in fiscal 2020, and $140.5 million in tax revenue alone, in fiscal 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Securities and Exchange Commission is investigating the circumstances around Eastman Kodak Co.'s (KODK) announcement of a $765 million government loan to make ingredients for Covid-19 drugs, the Wall Street Journal reported citing people familiar with the matter. The National Retail Federation or NRF said that conflicting economic data amid a resurgence in coronavirus cases has made it difficult to predict how steadily the U.S. economic recovery will continue. NRF Chief Economist Jack Kleinhenz noted that based on quarterly and monthly data, the U.S. economic recovery is continuing despite the elevated COVID-19 cases. Ford Motor Company (F) announced that Jim Hackett plans to retire as President and CEO. He will continue as a special advisor to the company through March of 2021. The company has named Jim Farley as new president and CEO. He will join the board of directors, effective Oct. 1. Farley joined Ford in...
Follow RTT