Illinois Reaches $1 Billion in Cannabis Sales During The First Half
July 16, 2024Illinois consumers purchased $1 billion worth of cannabis products in the first six months and one day of 2024, reaching the billion-dollar mark 10 days earlier than in 2023. According to the state, through July 1, the state’s adult-use market sold roughly $850 million in cannabis products, with the medical market contributing an additional $150 million. In addition, fiscal year 2024 (July 1, 2023 to June 30, 2024) sales exceeded $2 billion, showing a steady climb year-over-year, with FY sales of $1.9 billion in 2023 and $1.8 billion in 2022. Currently, the state has 218 licensed retailers.
According to Illinois’ Cannabis Regulation Oversight Office, 81% of sales were to state residents, and nearly half of sales by value were flower, with vapes and edibles the second and third largest categories. The rising tide has benefited both large and small cannabis producers and retailers, with giants like Cresco Labs and Verano growing alongside more local retailers like nine-location chain Ivy Hall. “The Illinois market continues to grow primarily driven by in-state residents taking advantage of greater accessibility, lower prices, and increasing their regular consumption of cannabis,” Cresco Labs chief communications officer Jason Erkes told SND.
Cresco, with total sales of $771 million last year, has 10 Sunnyside-branded dispensaries across Illinois with best selling products covering concentrates and flower from Cresco’s namesake brand and its High Supply label. Sunnyside dispensaries also carry products from other producers like Joos and 1906, among others. “Cresco’s branded products continue to lead the state as we hold the top position for edibles, concentrates, live resin, and the overall best-selling brand in the market, with High Supply,” said Erkes. “Our growth continues to evolve through our branded product offerings for our dispensary partners and Sunnyside continuing to outperform other retailers in the Illinois marketplace.”
Verano, operating 10 Zenleaf dispensary locations in the state, is another key operator. The multi-state player had nearly $940 million in revenue last year, with brands including Essence, Savvy, and Encore Edibles among others. Verano recently launched a new Cabbage Club membership program in its home Illinois market, with plans to scale it across its 13-state footprint. “As a Chicago-based company, we are encouraged to see cannabis retail sales continue to flourish since the first adult use sales began in 2020, hitting $1 billion at a more rapid rate than before,” said the company in a statement to SNDC. “As we look ahead and new doors continue to open in the state, we are excited about the opportunity the Illinois wholesale market provides, bringing organic consumer growth and new patients and guests eager to engage with cannabis.”
Green Thumb Industries (GTI), also based in Illinois, operates 11 medical and adult-use dispensaries in the state, with GTI’s brands like Rythm, Shine, and Dogwalkers doing well, alongside products from Verano, Wyld, and Wana also seeing popularity. Green Thumb had $1.1 billion in revenue in 2023.
While Cresco, Verano, and Green Thumb are multi-state operators, more locally focused cannabis retailers are seeing strong sales as well. Ivy Hall is the first dispensary opened under the Illinois Social Equity Program and currently operates nine locations, with a 10th set to open this summer. At Ivy Hall’s Bucktown location in Chicago, edibles are particularly popular, with gummies from Wyld and Wonder selling well, alongside products like pre-rolls from Miss Grass and flower from UpNorth.
Overall, Illinois’ adult-use market raised $256 million in tax revenue for fiscal year 2024. ”Illinois has the most equitable cannabis industry in the country and it’s growing and thriving,” said Illinois governor J.D. Pritzker. “Growing sales in 2024 means cannabis tax revenue will continue to play a major role in righting decades of wrongs in the state’s criminal justice system.”—Shane English
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