One of the Excelleaf owners Maria Davis (middle) and budtender Jamie Cardenaz help customer Steve Guadagnoli, 79, of DeKalb, Friday, Nov. 24, 2023, during the soft opening of the dispensary in DeKalb. The business is DeKalb County’s first recreational marijuana dispensary. (Mark Busch)
Illinois celebrated the fifth anniversary of legal adult-use cannabis, with 2024 marking the fourth straight year of record-breaking sales.
Overall, dispensaries reported that more than $2 billion of cannabis products were sold in 2024, a 2.5 percent increase from last year. The $2 billion of product includes a record-setting $1.72 billion in adult-use cannabis sales in 2024, with medical cannabis sales exceeding $285 million.
Sales taxes collected at Illinois cannabis dispensaries totaled more than $490 million in 2024, per the Illinois Department of Revenue.
“The numbers are clear: five years after we legalized adult-use cannabis in Illinois, we’re seeing the economic impact of a thriving cannabis industry,” said Governor JB Pritzker in a news release from the Illinois Department of Financial and Professional Regulation. “With $2 billion in record-setting sales and $490 million generated in tax revenue, our first-in-the-nation equity-focused cannabis industry is the result of my administration’s policies, which prioritized repairing the damage done by the failed War on Drugs, creating more good-paying jobs, and building a safe, equitable and prosperous business sector – making Illinois by far the national leader in diverse ownership for this industry.”
While licensed operators follow regulations, pay taxes and conduct product testing, the hemp market offers untested products that could pose safety risks to consumers and hurt legal businesses, Pritzker said in the release.
“The continued success of adult use cannabis sales highlights how equity-focused policies can create meaningful change,” said Lt. Governor Juliana Stratton in the news release. “These sales allow us to reinvest in communities disproportionately impacted by the war on drugs, fostering growth and creating pathways to a more inclusive and prosperous Illinois.
In 2024, Illinois saw a record 56.3 million cannabis items sold, surpassing the previous year by 13 percent. This includes nearly 49 million items sold in adult-use dispensaries, with Illinois residents purchasing over $1.33 billion worth – almost a 10 percent increase from 2023.
Out-of-state residents spent more than $385 million on cannabis products.
“As additional dispensaries open their doors, that increased competition leads to increased availability of product and better prices for consumers – just as we anticipated,” said Cannabis Regulation Oversight Officer Erin Johnson in the release. “We look forward to the continued growth and success of Illinois’ cannabis industry, leading to further economic development and public awareness and support for responsible consumption.”
Illinois currently has 244 adult-use cannabis dispensaries, including 134 social equity dispensaries.
Seventy applicants from the 2022 social equity lottery and 51 from the July 2023 lottery are still awaiting full licenses from the department to begin sales. Licenses will be issued as applicants meet the final criteria.
Hannah Soukup is an editorial assistant with the Shaw Local News Network
Copyright © 2023 Shaw Local News Network
Copyright © 2023 Shaw Local News Network
Illinois hits record $2 billion in cannabis sales as legal market thrives – Shaw Local News Network
