Month after month, Illinois continues to break records with it's recreational cannabis sales, with July bringing in $61 million for the State.
For the third consecutive month, Illinois has seen record-high cannabis sales. In May, the state brought in USD $44.3M from cannabis sales, and in June, the state brought in over USD $47M. Now, the state has hit new highs with USD $61M in sales from cannabis products in July. This brings the total amount of cannabis sold in the State, since it legalized recreational use cannabis on the 1st of January this year, to over USD $300M.
As we've mentioned before at The Green Fund, Illinois is an important state to keep an eye on if you want to better understand the U.S. cannabis industry. This is because when the State officially allowed for legal cannabis sales, on January 1st, the COVID-19 pandemic was just around the corner. As the novel coronavirus crisis began to unfold, many thought that the cannabis industry would struggle – including us. Cannabis companies have notoriously had a difficult time raising capital in recent months, and to then throw in forced lockdowns and economic downturn? One would think it was the perfect storm to hammer the cannabis industry.
Though the exact opposite occurred.
Amid the COVID-19 pandemic, cannabis sales skyrocketed worldwide where the plant was legal – and for many obvious reasons too. Firstly, in the U.S., cannabis was deemed "essential" meaning that while many other stores were forced to close, cannabis dispensaries and clinics were able to remain open. Additionally, governments across the world enacted welfare measures to ensure citizens could get through the mandatory lockdowns and the resultant unemployment that followed.
Finally, many medical professionals and legislators attributed the higher cannabis sales to increased anxiety generally, prompting people to pick up additional amounts of medicinal cannabis products and fears of supply shortages within the cannabis industry, leading people to stockpile as they did with toilet paper.
Though as the industry continues to grow, either through shrinkage of the existing illicit market or through new customers entering the cannabis space, things continue to look bright for cannabis.
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