1.4 billion worth of cannabis to be sold in Illinois by 2021

The U.S. state of Illinois, which includes Chicago, more than doubled its sales between 2020 and 2021. In one year, revenue from recreational cannabis reached rose from 670 million to 1.4 billion dollars, according to the the latest figures from the local Ministry of Finance. The market is therefore off to a strong start in 2022. And this is all the more impressive given that cannabis has been legal in Illinois for only two years.

As this table shows, sales could reach even more stratospheric levels in 2022. In fact, they have been steadily increasing throughout 2021, rising from 88 million in January to 137 million in December.

A closer look at purchasing trends reveals that Illinois residents are particularly fond of cannabis flowers. During the 2021 fiscal year, from July 2020 to June 2021, they spent more than $500 million on buds, ready to smoke.

The other big hit is «inhalation extracts.» Translation: the «dabber» products, such as oils, shatter, or budder. Sales totaled more than $350 million. Virtually nonexistent in France, these products are very popular in the United States, even though they raise some concerns for their power or their danger level.

$100 million donated to support social justice

The state, governed by a Democrat, has chosen to heavily tax cannabis. For every dollar spent on marijuana, more than 40 cents goes to the state. The result: $390 million in tax revenue in 2021. That’s much more than in Massachusetts, for example, where Taxes bring in only $50 million a year.

In Illinois, a quarter of that money will go to the ‘R3’ social justice program, aimed at the most disadvantaged groups. «The regions eligible for this program are areas with high rates of gunshot wounds, child poverty, unemployment, and incarceration, as well as areas affected by the war on drugs.», stated the office of Democratic Governor J.B. Pritzker. This program will therefore receive nearly $100 million for the year 2021, thanks to cannabis sales.

The remainder of the tax revenue will go toward the state budget (one-quarter), law enforcement (one-tenth), and drug prevention programs (approximately 2 %). The windfall from cannabis taxes is now one of the main sources of revenue for the State of Illinois. In any case, "Green gold" is already more profitable than tobacco.