Illinois adult-use sales.
Illinois passed the $1 billion adult-use sales for the year, 2 months earlier than last year, and has had over $3 billion in sales since it legalized in 2020. While the August cannabis sales total of $129,441,315 is about $6 million below the 2022 monthly record set in July, Illinois’s total for the year now stands at $1,015,700,115. Gov. J.B. Pritzker (D) recently touted the state’s marijuana sales and resulting tax revenue for the 2022 Fiscal Year. Illinois collected $445.3 million in tax dollars from $1.5 billion in cannabis sales during that period. That’s a 50 percent increase in cannabis tax dollars compared to the prior fiscal year. marijuanamoment.net
How DO VOTERS THINK ABOUT CANNABIS?
The Independent Community Bankers of America recently sponsored a survey trying to better understand cannabis sentiment among U.S. voters. The study showed that 65% of voters support allowing cannabis-related businesses to have access to banking services in states where cannabis is legal. The results indicate bipartisan public support for congressional passage of the SAFE Banking Act. To dig deeper into these results, 73% of Democratic voters support access to cannabis banking services in legal states while 55% of Republican voters believe the same. Yesterday we hosted a speaker call where we discussed the midterms and what D.C. could do before the new congress takes session (the replay to this is below). icba.org
SPEAKER CALL replay.
CLICK HERE for the webcast replay and materials.
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Earlier today we hosted our quarterly Cannabis Legalization call with Zander Abrams, the Founder of the Cannabis Policy Forum, as well as Hedgeye Policy Expert, JT Taylor. The discussion included but was not limited to the following topics:
- A look at the mid-terms, including a recap on the primaries,
- Swing seats to look at in the general election
- Cannabis champions races (e.g., Nancy Mace, Schumer, etc.).
- Important state initiatives in this election cycle, including the North Dakota ballot and California taxes.
- What going on in Minnesota and its implications for other states?
- Legislative update - the CAOA dynamic and the challenges of SAFE+
- Judicial update - residency requirement was successfully challenged in Maine federal court, and arguments were recently heard in the 9th Cir in Washington.
