– Cannabis/Marijuana Industry News

From January 1 to January 31, the first month of legal sales in Illinois, there was nearly $40 million in marijuana and marijuana products sold. This is based on data released Monday by the state Department of Financial and Professional Regulation.

According to the Associated Press, Illinois residents bought more than $30.6 million in January, while out-of-state visitor sales totaled $8.6 million. All told, marijuana stores sold over 970,000 products.

“The successful launch of the Illinois’ legal cannabis industry represents new opportunities for entrepreneurs and the very communities that have historically been harmed by the failed war on drugs,” said Toi Hutchinson, Senior Advisor for Cannabis Control to Gov. Pritzker. “The administration is dedicated to providing multiple points of entry into this new industry, from dispensary owners to transporters, to ensure legalization is equitable and accessible for all Illinoisans.”

As noted by the AP, the pace of sales slowed considerably from the first days of legalization. On Jan. 1, operators sold $3.2 million in pot products. By Jan. 5, total sales hit $10.8 million. Since then, customers and dispensaries have complained about a dearth of available marijuana products. Those products are the most popular with both medical and recreational users, said some store owners, who were lawfully forced to reserve flower for patients. However, even those with medical cards said they are having trouble with getting the products.

It could take months before the supply catches up with demand, as only 21 cultivators are authorized to grow and produce marijuana products, experts said.

Demand has continued despite statewide product shortages, which indicates strong market potential in Illinois, said Bethany Gomez, managing director of cannabis research firm Brightfield Group. Some dispensaries have implemented buying restrictions or limited recreational sales to two or three days a week.

“There’s a lot more consumer demand that’s not being met just because of those supply shortages,” she said. “Once supply and demand issues can start to be worked out, we can see much greater growth.”

The AP notes that last month, the Illinois Department of Agriculture released applications for cannabis infuser, craft grower and transporter licenses. Applications, which will be accepted starting February 14, must be submitted by March 16.

The post $40 Million in Marijuana Sold During First Month of Legal Sales in Illinois appeared first on TheJointBlog.

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