Adult-Use Cannabis Sales in Illinois Surpass $136M in June
Illinois has seen a remarkable surge in adult-use cannabis sales, reaching an impressive milestone in June.
According to the latest data provided by the Cannabis Regulation Oversight Officer (CROO), sales have exceeded $136 million, making it the highest recorded total of the year and the third highest in history.
This undeniable success further reinforces Illinois’ position as a thriving market within the cannabis industry.
The demand for cannabis is skyrocketing, with in-state consumers alone spending a staggering $102 million in the month of June.
It’s not just locals who are fueling this growth; out-of-state consumers contributed an impressive $34 million to the industry. These numbers highlight the immense potential and profitability of the cannabis market.
Despite hopes of growth, the sales of medical cannabis in the state have plateaued in June, remaining steady at $27 million. While this figure is on par with May’s sales, it represents a decline of $1 million compared to the previous month.
The adult-use sales figures for June were positively impressive, surpassing May’s sales by a substantial $3 million and even outperforming April’s figures by an impressive $4 million.
However, it is worth noting that the state experienced a slight decline in sales, dropping from $128 million in January to $120 million in February. Nonetheless, these numbers demonstrate the consistent growth and resilience of the market despite fluctuations.
The decrease in sales can be attributed to the start of adult-use sales in neighbouring Missouri, where the excise tax on cannabis products is only 6%, as per data from Tax Foundation. This competitive advantage has likely influenced customer preference and affected our sales negatively.
When it comes to cannabis taxes, Illinois has a structured system in place. They have implemented a 7% excise tax on the wholesale value, ensuring a fair approach for all parties involved.
Additionally, they have varying rates for different types of products. For cannabis flower or products with less than 35% THC, there is a 10% tax imposed.
If the product is infused with cannabis, like edibles, there is a higher tax rate of 20%.
Lastly, any product that has a THC concentration higher than 35% will be subject to a 25% tax. Illinois’ taxation system aims to balance revenue generation and responsible consumption within the industry.
The price of cannabis flower at dispensaries across Illinois remained at $10 per gram for the third consecutive month.
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