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Illinois adult-use cannabis sales break another record in July
Illinois’ budding recreational market hit a new high in July with $60.9M in sales, a 28% sequential increase from June and 55% increase from January’s sales.
In-state residents contributed to 73% of recreational sales, while out-of-state residents contributed 27%. Year-to-date, just over $300M of marijuana has been sold for adult-use in the state.
In 1H20, Illinois gained $52M in cannabis tax revenue. The economic success of adult-use sales is especially attractive with state coffers severely depleted nationwide due to the coronavirus pandemic.
Cresco Labs (CRLBF) recently announced that it would be opening its 9th dispensary this August in Schaumburg, Illinois under its national Sunnyside retail brand, bringing its total number of dispensaries nationwide to 19.
Green Thumb Industries (GTBIF) opened its 8th retail store in Illinois at the end of May 2020. The company has 48 total retail locations nationwide.
Illinois continues to be shaping up as one of the best adult-use markets (12.8M people, of which 9.4M are over 21) with projections of $1B in total revenue by 2024.
Massachusetts ends quarantine of cannabis vape products
On Monday, the Massachusetts Cannabis Control Commission announced that dispensaries statewide could resell quarantined cannabis vape products, as long as dispensaries submitted them for retesting.
In September 2019, the state banned sales of nicotine and cannabis vaping products due to vaping-related lung illnesses.
The following month, the state quarantined all regulated vape products. Close to nine months later, the state will allow these shelved products for resale if they undergo testing for heavy metals and Vitamin E acetate.
The November quarantine order was amended to allow new vape products provided they met new regulatory standards – however, vapes manufactured prior to December 12, 2019 were not allowed for resell.
The state’s cannabis commission, in yesterday’s amended quarantine order, stated that it failed to detect Vitamin E acetate in tested vaping products.