Cannabis Sales in Illinois have gone up through the roof

Breaking records has become a monthly tradition for the still young recreational cannabis market in Illinois. Just as in June and May before, July saw a new all-time high in weed sales in the State of Lincoln. Marijuana stores in the state posted nearly $ 61 million last month, outperforming the June $ 47.6 million in June, according to the Chicago Tribune. This June figure was previously the highest for Illinois, surpassing the $ 44.3 million sales of adult marijuana in May. The Tribune cited experts who "expect high sales from the new industry, taking into account the Illinois population, huge tourism industry, and lack of legal weed sales in neighboring countries." Overall, Illinois recreational marijuana dispensaries that opened for business on New Year's Day "sold approximately $ 300.1 million in recreational weed this year," according to the Chicago Tribune. In June, marijuana stores in Illinois sold 994,545 items, according to local sources, with the average purchase being around $ 48 (excluding additional taxes). Just over $ 35 million of June's revenue was generated by Illinois residents, while the remaining $ 12.4 million came from customers in other states. Illinois Governor J.B. Pritzker, a democrat, signed a law last summer that ushered in a new era of legalization. The new law has also pardoned thousands of people previously affected by low-level drug trafficking convictions. On the eve of the new law's entry into force, Pritzker issued more than 11,000 such pardons, marking the end of the "50-year war on cannabis" and the restoration of the "rights of tens of thousands of Illinoisers". Pritzker's office hailed the law as "the fairest recreational cannabis legalization in the nation". "We are bringing regulation and security to a previously unsafe and illegal market. And we are creating a new industry that focuses on justice," said Pritzker at the time. Illinois' successful cannabis market The new law has also proven extremely lucrative for the state. Last month, Pritzker announced that the state had collected $ 52 million in tax revenue from marijuana sales in the first six months of the law. Its administration said it "earned $ 34.7 million in cannabis excise taxes in the second half of 2020," while "the Illinois Treasury raised $ 18 million in sales taxes shared with local governments." The Treasury has estimated that $ 25.9 million in excise and sales taxes will go to the state's general fund. "Illinois has done more to put justice and equality at the forefront of this industry than any other state in the nation, and we are making sure that communities harmed by the war on drugs have an opportunity to get involved "Pritzker said in a press release last month. "Since January, over $ 239 million in recreational cannabis has been spent in Illinois, which equates to $ 52 million in tax revenue, and part of every dollar spent is reinvested in communities that have suffered decades of disinvestment.