Illinois adult-use cannabis sales hit $40 million in first month

Recreational marijuana stores in Illinois sold almost $40 million worth of product during the state’s first month of legal sales.

That is far more than the $6.5 million in recreational marijuana sold in Michigan, which began sales a month earlier than Illinois’ Jan. 1 launch.

Illinois also sold more marijuana in its first month of rec sales thanMassachusetts, Oregon, Colorado or Nevada.

California, by contrast, sold roughly $100.5 million in its first month of recreational marijuana sales in January 2018, according to Headset, a Seattle-based cannabis data and analytical company.

Illinois’ adult-use stores sold more than $30.6 million to residents and $8.6 million to out-of-state visitors in January, according to the Department of Financial and Professional Regulation.

All told, rec cannabis retailers in Illinois sold more than 970,000 productssince sales began.

More than a third of the months total sales occurred in the first few days, with transactions hitting $10.8 million by Jan. 5.

Demand was so strong that rec marijuana stores quickly ran out of product. Some retailers rationed cannabis goods, including those trying to meet an Illinois requirement that adult-use stores must reserve some product for medical marijuana customers.

With only 21 authorized recreational cannabis cultivators in the state, it could take months before supply and demand are in equilibrium.

– Associated Press and Marijuana Business Daily

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Originally posted on Illinois adult-use cannabis sales hit $40 million in first month via Cannabis Industry News