Today’s number: $39,247,840.83
Monday, Feb 3, 2020 - Posted by Rich Miller
* Press release…
The Illinois Department of Financial and Professional Regulation has announced that statewide adult-use cannabis sales in January totaled $39,247,840.83. Dispensaries across the state sold 972,045 items over the 31-day period. Sales to Illinois residents totaled $30,611,632.22, while sales to out-of-state residents totaled $8,636,208.61. A portion of every cannabis sale will be reinvested in communities harmed most by the failed war on drugs.
“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.”
Last month, the Illinois Department of Agriculture (IDOA) released applications for cannabis infuser, craft grower and transporter licenses. The applications are available on the Department’s website here. IDOA will begin accepting completed applications on Friday, February 14 and all cannabis infuser, transporter and craft Grower applications must be submitted by 5 p.m. CST on Monday, March 16, 2020.
Social equity applicants will receive additional points on their application and are eligible to receive technical assistance, grants, low-interest loans and fee reductions and waivers. In the coming weeks, IDOA will be partnering with the Department of Commerce and Economic Opportunity to provide information workshops across the state to answer questions and assist interested applicants. Additional information about the timing and location of workshops will be available in the coming days.
I decided Saturday to drop by the Joliet dispensary on a fact-finding mission on my way home from a funeral and the line was about an hour long, the place was way under-staffed and the product selection was minimal. Still, it’s finally legal and pretty much everyone in that line was just happy to be there.
* Related…
* Cannabis Resource Fair attendees reflect on 1st month of legal weed: ‘The bar set here is tremendous’: Mayor Lori Lightfoot kicked off the fair in a key-note panel discussion with State Rep. Kelly Cassidy (D-Chicago), who sponsored the Cannabis Regulation and Tax Act, and Wanda James, founder and CEO of Simply Pure Dispensary, the nation’s first black-owned marijuana dispensary.
* Marijuana shortages aren’t a coincidence. Illinois kept the market small on purpose.
* ‘Everybody’s friendly, everybody’s high’: Marijuana tour buses begin rolling in Chicago, with a stop at a private bring-your-own smoking lounge
* Homewood’s marijuana dispensary is popular with Indiana customers, who say they aren’t worried about the return trip home
- Boone's is Back - Monday, Feb 3, 20 @ 2:34 pm:
=== fact-finding mission ===
lol
- Anon E Moose - Monday, Feb 3, 20 @ 2:36 pm:
Rich, try the one in Morris.
- Thomas Paine - Monday, Feb 3, 20 @ 2:38 pm:
It’s the folks not in line that worry me. Various reports suggest the shortage could last anywhere from a couple more months to a couple years.
Are we just making life easier for the black market? Are we creating a grey market?
- Vote Quimby - Monday, Feb 3, 20 @ 2:40 pm:
My fact finding mission showed me the long-established black market will still operate at least until prices and supply stabilize. But…. it is legal
- Will Caskey - Monday, Feb 3, 20 @ 2:44 pm:
It’s much, much easier to correct a shortage than a glut.
- MG85 - Monday, Feb 3, 20 @ 2:46 pm:
Far from the financial panacea we were promised. Good thing this is more about criminal justice than fixing our economic woes.
- Blue Dog Dem - Monday, Feb 3, 20 @ 2:49 pm:
Between pot and new gaming, JB budgeted $1 billion in new revenue. At $480 million in gross sales, it looks to me we were a bit optimistic. Maybe gaming will pick up the slack. But JB shouldn’t feel bad, nearly every state has committed this error.
- Strategy Geek - Monday, Feb 3, 20 @ 2:51 pm:
=== fact-finding mission ===
That is the kind of selfless round-the-clock dedication you have to your profession that is just all too rare in investigative journalism these days.
- TheInvisibleMan - Monday, Feb 3, 20 @ 2:51 pm:
===Far from the financial panacea we were promised===
How so? It’s been 30 days. I’m sure the final numbers you are thinking about are after all licenses have been awarded and are actual working stores.
These numbers are tracking that fairly well.
Why are people so impatient these days?
- Midnight Toker - Monday, Feb 3, 20 @ 2:54 pm:
Way way overpriced, way way overtaxed. Way way over regulated. It will interesting to see if prices adjust as product availability improves along with dispensaries. “That guy” you knew pre legalization ain’t going anywhere soon.
- Will Caskey - Monday, Feb 3, 20 @ 2:56 pm:
The prices are actually far too low, relative to the available supply. Rationally you’d expect Uber-style surge pricing, but big numbers make people made so the cost is in delay instead.
Based on other legalized states, prices will probably settle a bit above where they’re all now once the new cultivation all comes online
- lf6151 - Monday, Feb 3, 20 @ 3:00 pm:
how much of that 39 million actaully went to the state?
- Suzzz - Monday, Feb 3, 20 @ 3:04 pm:
Blue Dog Dem—
Pretty sure they only budgeted about $50 million from licensing fees for cannabis and there’s a pretty specific structure for how that revenue is split up. And the gaming revenue is part of Rebuild Illinois. Seems like we might need a budgeting 101 referesher here.
- Grandson of Man - Monday, Feb 3, 20 @ 3:12 pm:
“I decided Saturday to drop by the Joliet dispensary on a fact-finding mission”
So glad that “studies” no longer require travel to other states.
That’s almost a half billion dollars in sales per year, just with the current number of dispensaries. Once the law is fully implemented, and all possible dispensaries are opened, that will bring in a lot of sales revenue.
The black market has been around a very long time and should be very hard to eradicate, but shortages notwithstanding, it’s wonderful to not have to buy illegally anymore. A lot of people apparently agree, based on lines at dispensaries—especially now with dangerous adulterated black market vaping oils. Many want to know just what they’re buying (strain, potency, etc), and want variety.
- Southern Skeptic - Monday, Feb 3, 20 @ 3:19 pm:
“Between pot and new gaming, JB budgeted $1 billion in new revenue. At $480 million in gross sales, it looks to me we were a bit optimistic. Maybe gaming will pick up the slack. But JB shouldn’t feel bad, nearly every state has committed this error.”
Don’t conflate pot and gaming. They budgeted $57 million in tax revenue for six months and at this rate that looks to be about what they’ll get for pot alone.
- The Edge - Monday, Feb 3, 20 @ 3:28 pm:
Hey, I went to Med Men in Oak Park; had a 5-10 minute wait but their selection of edibles and oils wasn’t bad, and wasn’t too overpriced. I paid $20 in CA and $25 here for the same product. The best part, though, was realizing no copper was going to bother me and I could carry this stuff around with me wherever I went. Yahooooo!!!!
- Dance Band on the Titanic - Monday, Feb 3, 20 @ 3:32 pm:
Be interesting to know what sales figures could have been if they didn’t have to turn away recreational users due to shortages.
- Oswego Willy - Monday, Feb 3, 20 @ 3:33 pm:
=== Toi Hutchinson, Senior Advisor for Cannabis Control to Gov. Pritzker===
I think that’s a new one?
I thought after “food and beverage chairman“ it was “entertainment and bookings chairman“?
- SSL - Monday, Feb 3, 20 @ 3:43 pm:
Pretty impressive first month. As convenience and inventory grow, the pot sales may well exceed projections. It would be a good thing all the way around.
- Crossroads - Monday, Feb 3, 20 @ 3:49 pm:
This is a no-brainer for Indiana residents. First, they get to leave the state, albeit only for a little while. Second, they get chemicals to help soothe the pain that they live in Indiana.
- Anon - Monday, Feb 3, 20 @ 4:18 pm:
The other side of this is I personally know of 3 young people who have picked up jobs in this industry
all 3 making around $15 per hour with benefits
This is way overdue and what a waste the war on drugs has caused