Illinois cannabis shops earned nearly $40 million (’36 million) in the first month of legal sales.
During January , 2020, 1 million products were sold. Sales to tourists, besides Americans not residing in Illinois, accounted for just over 21%, at $8.6 million.
The successful launch of the legal cannabis industry in Illinois represents new opportunities for entrepreneurs and especially communities that have historically been harmed by the failed war on drugs,” said Toi Hutchinson, Illinois cannabis policy manager, in a press release. The administration is, therefore, aims to provide multiple points of entry into this new industry, from clinic owners to transporters, to ensure that legalization is fair and accessible to all Illinois residents.
Illinois cannabis market
In fact , illinois is the fifth-largest state in the United States in terms of population and able to become a major player in the cannabis market, with a population of 12 million. By 2014, Colorado had recorded $14 million in cannabis sales in its first month, 25% less than Illinois on a per capita basis.
And while the figures are impressive, Illinois state officials have stressed that their top priority for reform is to repair the damage of the war on drugs, promote social equity in the industry while implementing restorative justice provisions.
A portion of every cannabis sale will be reinvested in the communities most affected by the failure of the war on drugs. Said the Department of Financial and Professional Regulation when the new sales figures released.
11,000 people convicted of cannabis have also been amnestied ahead of legalization.
The finance ministry also announced that commercial licenses for micro-cultivation, cannabis infusion and transport would be available in February. Also , applicants meeting the conditions of the social equity program.
They will receive extra points on their application and are eligible. In order to receive technical assistance, grants, low-interest loans, and fee reductions and exemptions, he said.