Illinois’ February Weed Sales Total $34.8 Million
$34.8 million is less than the $39.2 million in January sales, but analysts say that Illinois' recreational marijuana market holds promise for continued growth.
February sales to Illinois residents totaled $25.6 million while out-of-state residents spent almost $9.2 million, according to data from the Illinois Department of Financial and Professional Regulation (IDFPR).
States that launch recreational sales typically see revenues steadily increase as additional marijuana growers and dispensaries open, but Illinois is different, said Bethany Gomez, managing director of cannabis research firm Brightfield Group. Because of regulations, only a couple dispensaries have opened since recreational sales started Jan. 1, and no new growers are expected to open until at least late this year.
Those restrictions have contributed to a statewide product shortage that caused some dispensaries to halt recreational sales or institute buying limits. Many continue to sell recreational marijuana only on certain days of the week or for restricted hours.
Given those restraints, a $35 million month bodes well for the future of Illinois’ marijuana market, Gomez said.
While we have the overall sales numbers, The State of Illinois has not released tax revenue figures for February. In January, recreational marijuana sales generated more than $10 million in tax revenue.