Staff
This story was republished with permission from Crain’s Chicago and written by John Pletz.
Illinois marijuana sales started off the new year with their strongest growth in seven months.
Recreational cannabis sales rose 9% in January from a year earlier to $127.9 million, according to the Illinois Department of Financial & Professional Regulation. That’s the strongest year-over-year growth since June, when marijuana sales increased 10%.
The numbers likely reflect the opening of a handful of new dispensaries as part of the 192 new retail licenses that were awarded last year.
Pricing continues to weaken, as it has across the industry, although Illinois is holding up better than most because there are fewer stores open. Wholesale marijuana prices are down 30% year over year, according to Cantor Fitzgerald analyst Pablo Zuanic.
The number of products sold in Illinois in January rose 16% from a year earlier, outstripping the 9% revenue growth, according to state data.
The percentage of sales to out-of-state residents is under pressure. In January, out-of-state sales were 28.2% of total revenue, down from 30.1% a year ago and 28.8% in December.
Overall the state’s cannabis sales were off 11% from December, which is typically the strongest month of the year for marijuana sales.
