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420 with CNW — Illinois Notches Another Cannabis Milestone with $1.5B in Recreational Marijuana Sales Last Year

Cannabis sales in the state of Illinois surpassed $1.5 billion last year. The state’s Department of Financial and Professional Regulation revealed that recreational marijuana sales in 2022 totaled $1,552,324,824. This represents a 12% increase compared to sales recorded in 2021, which stood at $1,379,088,278.

The strongest sales were recorded in December2022, with data showing that adults in Illinois purchased 3,446,978 cannabis products worth $143,899,826. This is quite an increase, especially when compared to December 2021 sales, which stood at $137,896,859. Figures released by the department also show that out-of-state visitors accounted for $42,363,394 in cannabis sales while residents in the state made up $95,634,565 in sales in December.

In a press release, Governor J.B. Pritzker stated that the objective was to create the most economically prosperous and equitable marijuana industry in the country when he signed the Cannabis Regulation and Tax Act into law a few years ago. Pritzker added that the latest data showed that the state was well on its way to making the goal a reality.

It should be noted that this data doesn’t include medical marijuana sales, which are separately tracked by another agency.

Currently, the state has 113 retail dispensaries in operation, including three social equity licensees that received approval in 2022. This, Pritzker noted, would help pave the way for even stronger sales in 2023.

Mario Treto Jr., Illinois Department of Financial and Professional Regulation secretary, stated that 2022 marked the second year that the state’s adult-use marijuana industry saw record-setting growth. Treto added that state officials were optimistic that the state’s marijuana industry would continue flourishing in 2023, especially with more dispensaries being launched.

Despite the industry’s growth, there is much that still needs to be done. For instance, regulators in the state released a report in September 2022 highlighting an obvious lack of diversity among business owners involved in the recreational cannabis market. The report included a plan on how this could be rectified this fiscal year, with the industry set to grow exponentially as new social-equity businesses are launched.

In other news, state officials as well as the governor have highlighted their commitment to ensuring that some of the taxes collected from the marijuana industry are allocated toward community reinvestment through its Restore, Reinvest and Renew (R3) program.

Earlier in June, state officials announced that $45 million would be awarded to support communities that were affected by the war on drugs. This was the second time funds had been allocated via the R3 program.

As more cannabis companies identify alternative sources of financing such as REZYFi Inc., it is possible that the success stories from states with legal marijuana markets will keep coming up in the media.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi, Inc. are available in the company’s newsroom at https://cnw.fm/REZY

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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