Illinois Sees Continued Growth In Cannabis Sales In 2024: What's Next?

As Illinois’ cannabis market continues to grow, anticipation builds for the upcoming Benzinga Cannabis Capital Conference, set to take place in Chicago this fall. This premier event, renowned for bringing together industry leaders and investors, will highlight recent sales trends and future opportunities within the state. Let’s explore how Illinois’ market is shaping ahead of this major gathering.

Modest Gains In Adult-Use Cannabis Sales

In May, Illinois reported a 1.2% increase in adult-use cannabis sales from April, reaching $146.2 million. The Illinois Department of Financial and Professional Regulation (IDFPR) provided this data, indicating a 10.1% rise compared to May of the previous year.

For 2024, cumulative adult-use cannabis sales in Illinois have hit $709 million, reflecting a 9.4% increase year-to-date. This growth trend follows annual increases of 106% in 2021, 13% in 2022, and 5% in 2023. Out-of-state buyers contributed 22.6% to the total sales in May.

Daily Sales Decline

Despite the overall monthly growth, May’s daily sales figures showed a slight decline compared to April, which included the 4/20 holiday, a major event for cannabis consumers.

The Medical Cannabis Patient Program (MCPP) reported a 2.6% decrease in medical cannabis sales from April, totaling $24.4 million in May. This represents an 11.1% drop year-over-year. However, combined adult-use and medical cannabis sales for May amounted to $170.6 million, up 0.6% from April and 6.5% from the previous year.

In 2023, Illinois’ total cannabis sales reached $1.96 billion, a 3% increase from 2022. Sales for 2024 have already grown by 6% compared to the same period in 2023, highlighting a steady upward trend.

Medical Cannabis Program Statistics

As of May 31, the Illinois Department of Public Health reported 141,818 active patients in the Medical Cannabis Registry Program. In May, the state’s 55 licensed medical cannabis dispensaries served 61,757 unique patients, generating $24.4 million in retail sales. Since the program’s inception in November 2015, licensed dispensaries have recorded $2.09 billion in retail sales, with wholesale sales by cultivation centers reaching $3.57 billion.

Where To Learn More

The upcoming Benzinga Cannabis Capital Conference in Chicago offers an ideal platform for industry stakeholders to explore the evolving cannabis market. The event’s Spring edition, held in Hollywood, FL, attracted over 2,000 participants, including over 200 investors, showcasing its impact on industry networking and deal-making.

As Illinois continues to exhibit growth in its cannabis market, the Benzinga Cannabis Capital Conference is poised to facilitate crucial discussions and connections. The conference’s Chicago venue underscores the state’s role in the national cannabis industry, providing a backdrop for exploring future opportunities and challenges.

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