John Pletz
This story was reprinted with permission from Crain’s Chicago Business.
Monthly marijuana sales in Illinois reached their highest level so far this year in June, increasing 8% year-over-year and shaking off several months of sluggish performance.
Illinois retailers sold $136.4 million worth of cannabis to recreational buyers, according to the Illinois Department of Financial & Professional Regulation. That’s the largest total since a record-setting haul of $143.9 million in December, which is typically the best month of the year for marijuana sales.
June’s sales growth of 8% was the strongest increase since January, when revenue rose 9% year over year.
Total revenue was up, despite falling prices, fueled by a 15% increase in the number of products sold to a record 3.46 million items. Sales are benefiting from an increase in the number of retail outlets, as winners of new licenses awarded last year begin opening stores.
“There are close to 30 more stores open this June versus a year ago, which is making cannabis much more accessible across the state,” said Jason Erkes, spokesman for Cresco Labs. “That, combined with lower prices, contributed to last month’s bump in sales.”
Sales to out-of-state residents also increased 5% from the previous month to $34.4 million. When adjusted for the number of days in a month, out-of-state sales increased for the first time in five months. Sales to out-of-state residents suffered when Missouri started recreational-marijuana sales earlier this year.
