Cannabis retailers have once again shown why experts are calling legal marijuana markets “pandemic-proof”. March 2021 saw the highest monthly recreational marijuana sales in Illinois history, according to new data released by the state’s Department of Financial and Professional Regulation.
Illinois Sells Over $109 Million of Legal Pot in March
Before last month, January 2021 held the record for the highest monthly adult-use marijuana sales in Illinois history, with $88,813,872 worth of cannabis products sold. The hot start to the new year was a part of a widespread trend across the nation’s legal cannabis markets — skyrocketing cannabis sales during the COVID-19 pandemic.
Figures released by New Frontier Data show a steep rise in marijuana sales across many major legal markets from March to April of 2020. In some areas, overall cannabis sales increased by nearly 50% following COVID-related restrictions and lockdown, painting a clear picture for industry experts.
“What we’ve learned is that no matter what, Americans are going to get their cannabis, alcohol, baking supplies and cars, regardless of the economy,” said Patrick Anderson of Anderson Economic Group, a frequent publisher of national marijuana market performance breakdowns.
Illinois has managed to sustain and build upon the boosted numbers, leading to month-over-month sales increases and over $1 billion in cannabis products sold in 2020. The breakdown of the state’s sales figures since April of last year speaks volumes on marijuana’s staying power throughout COVID-19 — and Illinois residents’ demand for the market:
|Month||Adult-Use Cannabis Products Sold||Total Sales (Recreational)|
Despite a slight setback with February’s sales, March 2021 just blew Illinois’ monthly marijuana sales record out of the water with over $109 million in recreational cannabis products sold.
The record-breaking number more than tripled the recreational marijuana sales in March of last year, and it sets the stage for Illinois to reach $1 billion in recreational sales alone by the end of 2021.
Last year, the state of Illinois collected a whopping $205.4 million in recreational marijuana tax revenue — a result of $669 million worth of adult-use cannabis products sold. Increase that number to $1 billion, and that produces significantly more resources to help rebuild struggling communities throughout Illinois.
As outlined in the state’s marijuana legalization bill, 25 percent of cannabis tax revenue is allocated to Illinois’ Restore, Reinvest, and Renew program, which provides grants to “communities impacted by economic disinvestment, violence and the severe and multilayered harm caused by the war on drugs.”
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