Illinois’ reefer sales booming

Since legalizing adult-use cannabis at the beginning of the year, Illinois has sold more than $500 million worth of product. The sales have collected about $127 million in tax revenue. In October, the state has collected a record $21 million in revenue from recreational marijuana, according to the Illinois Department of Revenue.

The Illinois Department of Revenue reports revenue has exceeded the $100 million mark. Revenue collections normally lag behind a month, but it is expected that another record will be broken. Illinois Department of Financial and Professional Regulation reports that a record was set in October sales. For the first time in monthly reports, more than 1.5 million items were sold.

Illinois dispensaries sold $54.7 million in recreational marijuana to state residents. So-called tourists from other states bought $20.6 million worth of product. The total sales were $75.3 million. For the first time, in-state sales crossed $50 million, out-of-state crossed $20 million and total sales had topped $75 million.

Building on new highs set in September, the sixth straight month of record sales produced the fifth state month of record revenue. Since legalization took place on New Year’s Day, the total sales of adult-use cannabis reached $507 million. The reefer revenues couldn’t close on liquor taxes.

The COVID-19 Pandemic increased liquor sales. In October, the state had collected $27.8 million from taxes on alcohol. The figure was up from the $26.25 million range in August and September, although down from the $29.6 million collected in July.