Gov. Pritzker Doubles Down On Vision For Illinois Cannabis, And It's Paying Off

Illinois cannabis prices are among the highest in the country, yet the state is still pulling in positive marijuana revenue, Governor J.B. Pritzker recently said.

"We are getting almost a third, nearly 30% of the revenue that we get from the cannabis industry comes from people coming to Illinois and spending money at dispensaries," he told The Center Square, even though neighboring Michigan and Missouri sell their own marijuana.

Pritzker, who is a keynote speaker at the upcoming Benzinga event in Chicago this Sept. 27-28, remains steadfast in his belief that the state is implementing the correct approach.

"We still have a growing industry, as you know, it is one that I initiated in 2019 that has brought in almost $450 million to state and local governments," Pritzker continued. "We want to encourage all industries to grow."

Illinois cannabis retailers sold $140 million in weed products in July, breaking a record for 2023 and marking the second-highest monthly total since legal sales launched in 2020. Nearly $105 million in marijuana products were bought by Illinois residents, while out-of-state visitors dropped some $35 million at the state's more than 100 cannabis stores.

In August, recreational cannabis sales stalled, dropping by 0.6% from July. However, compared to the same month in 2022, cannabis sales went up by 7.6% year-over-year, reported New Cannabis Ventures, citing data from the Illinois Department of Financial and Professional Regulation.

Sales to non-residents also decreased to 24.6% in August from 25.6% in the prior month.

Pritzker has often touted many benefits of marijuana legalization, such as job creation and overall positive impact on the state's economy. This comes as no surprise considering that the weed sales in the Prairie State reached a whopping $1.5 billion in 2022. And 2023 is on track to break that record.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Photo: Courtesy of islandworks, lindsayfox by Pixabay