Illinois Sets New Cannabis Sales Record with $47.6M in June

Illinois has set yet another cannabis sales record with $47.6 million in sales in June, NBC Chicago reports. In May, state cannabis sales totals reached $44.3 million, which broke the previous record of $39.2 million set during the first month of adult-use sales in January.

Dispensaries sold 994,545 total items last month. According to Department of Financial and Professional regulation data, in-state residents made the bulk of the purchases, totaling $35.3 million, while out-of-state residents bought $12.4 million worth of cannabis products in the state in June.

Andy Seeger, an independent cannabis economist, told the Chicago Sun-Times that sales might have been higher if not for the ongoing coronavirus pandemic.

“We would be expecting much larger month over month numbers if Illinois had been a healthy market. Right now, with [COVID-19] and the expanded medical model … in place in Illinois, it’s just very constrained on the supply side. There’s not enough canopy space coming online for those that have licenses right now. And any future licenses have been pushed back as the state focuses on its COVID response.” – Seeger to the Sun-Times

Sales from May to June grew 7.5 percent, falling short of the 19 percent increase from April to May. The double-digit jump from April to May could be related to the pandemic when, Seeger said, there was “kind of a run” on dispensaries.

The Department of Financial and Professional Regulation notes that tax data would be released by the state Department of Finance. The state uses a sliding scale based on THC content to calculate excise taxes, as much as 20 percent, along with the state’s regular 6.25 percent sales tax.