Illinois 2024 Cannabis Sales Reach $1B Milestone Faster Than Expected: Are Out-Of-State Consumers Driving The Boom? Where Are Taxes Going?

Illinois' retail cannabis sales reached the $1 billion mark year-to-date in July, Gov. JB Pritzker‘s office announced Wednesday. That's earlier than last year's July 10 milestone.

The sum includes more than $850 million in adult-use cannabis sales and nearly $150 million in medical marijuana sales, according to a press release.

Moreover, total cannabis sales in fiscal year 2024 (ending June 30, 2024) exceed $2 billion, representing an increase from fiscal year 2023 total cannabis sales of $1.9 billion and $1.8 billion in fiscal year 2022.

As Illinois' cannabis market continues to grow, anticipation builds for the upcoming Benzinga Cannabis Capital Conference, set to take place in Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

“Illinois has the most equitable cannabis industry in the country and it’s growing and thriving,” Gov. Pritzker said. “The increase in total adult-use cannabis sales, combined with the policies my administration is implementing to support communities ravaged by the War on Drugs, highlights how this emerging industry is helping us set a national standard in equity and economic justice. Growing sales in 2024 means cannabis tax revenue will continue to play a major role in righting decades of wrongs in the state’s criminal justice system.”

Read Also: Illinois Cannabis Sales Are Down In Q1, But Year-On-Year Figures Are Up, Analyst Says: Cresco Labs, Green Thumb, Curaleaf Must Adapt

According to the Cannabis Regulation Oversight Office's data, marijuana consumers in the Prairie State accounted for 81% of total cannabis purchases in the first half of 2024, with out-of-state customers accounting for 19%.

Cannabis flower was the most popular product category sold (49%), followed by vapes (32%) and edibles (22%) – along with liquid edibles at 1.1%, the state data suggest.

“More and more cannabis businesses opening their doors means more and more unique products for consumers to choose from,” Cannabis Regulation Oversight Officer Erin Johnson said.

Tax revenue garnered led to $244 million in R3 Grants aimed to support economic development, violence prevention and youth development in disproportionately impacted communities statewide as well as the establishment of the Illinois Cannabis Social Equity Loan Program.

Cannabis Reform In Illinois

The Cannabis Regulation and Tax Act, enacted in 2020 legalizing recreational use, was years in the making and very carefully planned out, Gov. Pritzker said at last fall's Benzinga Cannabis Capital Conference.

The legislation has helped Illinois become the home of some of the largest cannabis companies in the country, creating more than 30,000 jobs along the way. Some dominant players include Cresco Labs Inc. CL CRLBF 6CQ, Green Thumb Industries Inc. GTBIF and Curaleaf Holdings, Inc. CURLF,

The state also expunged over 800,000 low-level marijuana possession charges. Gov. Pritzker personally pardoned tens of thousands of people who had been convicted. 

“We couldn’t just legalize cannabis and say that our work was done. We had to address the trauma inflicted by the war on cannabis and the war on drugs more broadly, which incarcerated thousands … and tore apart families and neighborhoods in the process,” he said. 

Read Next:

• High Demand: Cannabis E-Commerce Sales Ignite With 32% Surge On Fourth Of July