Illinois Has Reached A New Monthly Record For Cannabis Sales
Looking past just marijuana stocks there is much more that is going on in the sector. In the last year, the cannabis industry has shown strong growth and development. Back in 2021, it wasn’t the best time for cannabis stock investors. Yet as far as business and operations things were looking promising for the most part. Meaning that in the last 12 months some companies have joined forces through mergers and acquisitions.
And some have continued to open new dispensaries and launch new products. This has all played a part with some marijuana companies seeing increased profits and showing solid earnings reports. Even though most top marijuana stocks tanked in the market outside of it these same companies have flourished. With more than half of the United States have already legalized cannabis it makes sense to see this type of success. During the start of the Pandemic cannabis-related businesses were deemed essential and left open. Which has been maintained through shuts downs and other pandemic obstacles.
So in 2022, we may see the rise in new markets with the possibility of seeing new legal states. Right now many states are seeing great success and progress in their legal markets. For instance places like California and Florida have been able to see tremendous growth. As more states are soon to vote on legalizing marijuana it will only add more value to the cannabis industry as a whole. Not to mention the possibility of more legal states it will also add pressure on Congress to finally advance federal reform. Below we will be covering another state that has continued to show solid profitability. With yet another record-breaking year in legal marijuana sales.
This State Sets Another Cannabis Record
Just a short while ago Illinois has set another monthly record for cannabis sales in December. This time monthly sales hit $137.9 million all from the sale of various cannabis products. As well the state’s cannabis sales from this more than doubled sales over the prior 12 months. The state’s total 2021 monthly sales from cannabis were shown this past Monday. It was released by the Department of Financial and Professional Regulation.
The results showed that close to $1.4 billion was sold for the entire year. This makes for more than 2 times the amount of cannabis sold in Illinois back in 2020. Which was $669 million for that time. Now sales in December came to be $137.9 million. This new number in cannabis sales has surpassed the previous monthly record set in July 2021 with $127.8 million sold. For the calendar year, residents of Illinois purchased $943 million.
While out-of-state visitors are responsible for buying more than $436 million. It is possible to see a 40 percent tax on legal cannabis or more. This is all hindering how strong the THC levels are of the product. Taxes collected and sent to the comptroller for the prior calendar year total $387.7 million.
Final Thoughts On Illinois Seeing Record Cannabis Sales
The taxes are divided up in multiple ways. More than a third goes to the state’s general revenue reserve. There will be a 10 percent portion that goes towards unpaid bills. As well there will be an 8 percent tax that will be used for law enforcement. Along with a 2 percent tax will be used towards public safety campaigns Almost a quarter of every cannabis tax dollar goes to community groups through the Restore, Reinvest and Renew Program.
“Areas eligible for funding were identified using community-level data on gun injury, child poverty, unemployment, and state prison commitments and returns, combined with disproportionately impacted areas identified by the Illinois Department of Commerce and Economic Opportunity (DCEO),” the Pritzker administration said last month.
The state has already distributed $35 million. An additional $45 million is set to be released with details available at R3.Illinois.gov.