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420 with CNW – Illinois Residents Buy Recreational Marijuana Worth $3.2 Million on the First Day of Legal Sales

On Thursday, it was announced that the first day of legal adult-use marijuana sales in Illinois attracted more than 77,000 transactions, which generated approximately $3.2 million in sales. One of the transactions was made by the second-most powerful official in the state, Lieutenant Governor, Juliana Straton, who bought edible gummies. Stratton said that she was there to celebrate the big day in Illinois.

According to Toi Hutchinson, the sale of legal recreational marijuana took effect on New Year’s Day, and the state-licensed dispensaries made 77,128 transactions. Hutchinson is the senior advisor to Governor J.B. Pritzker on marijuana control.

The retail outlets reported long lines of customers during the first day of legal sales, and they expect the lines to persist through the weekend.

Speaking to a reporter on Thursday in Chicago, Hutchinson said that the long lines show that there is a massive opportunity for the cannabis industry to grow.

When compared to other states such as the bordering Michigan, which generated $3.1 million in its first two weeks of legal adult-use sales after the launch on December 1,  it shows that Illinois has a potential for growth since it exceeded that amount within just the first day of sales.

Colorado was the first state in the U.S. to legalize adult-use cannabis. The state launched the sale of marijuana on January 1, 2014 and generated over $1million in sales.

Hutchinson further said that Thursday was the deadline for those who wished to apply for business licenses under the social equity provisions. The day also marked phase two of the Illinois legalization law.

Phase two of the legalization law is meant to help minority applicants who were severely affected by the fight against drugs. The social equity provisions require qualified applicants to pay lower licensing fees. It also provides them with business loans and any other technical assistance.

The legalization laws also stipulate that some of the marijuana revenues would be used for neighborhood development grants. It also had a provision for expungement of low-level marijuana convictions.

On Tuesday last week, Pritzker granted more than 11,000 pardons to people with low-level marijuana convictions.

On the day of legal sales launch, Wednesday, people began streaming in at the dispensaries as early as 6 a.m. Medical marijuana is already legal in Illinois, and now, Illinois is the 11th state to legalize the consumption and sale of adult-use cannabis.

In Illinois, people who are 21 years and above can possess up to 1.06 ounces of marijuana buds and up to 0.17 ounces of marijuana concentrate.

The executive director of the Cannabis Business Association of Illinois, which is based in Springfield, Pamela Althoff, said that most of her Wednesday morning was spent in Chicago and Northwestern suburbs, where customers had to wait for about three hours to be served as the day progressed. She also noted that people were courteous and civil, and the police were present at most dispensaries to control traffic.

Althoff advised consumers not to use marijuana in public and also noted that, like any other new product, marijuana products might be a little costly. Althoff further that they hope that the prices will go down as the market matures.

About 36 licensed dispensaries are selling recreational marijuana, and by May 2020, the state officials said that they would have issued 75 more permits. State officials further estimate that by the end of 2020, Illinois could generate $250million from marijuana sales.

Experts believe that marijuana companies like Grapefruit Boulevard Investments Inc. (OTCQB: IGNG) and MCTC Holdings Inc. (OTC: MCTC) are happy for their counterparts operating in Illinois since the success of the industry there is good for all sector players.

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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