In October, Illinois experienced a slight decline in cannabis revenue, with adult-use sales reaching $138.8 million, a decrease of 0.6% compared to September. Despite the extra day in the month, there was a 5.5% increase in sales from the previous year. Year-to-date adult-use sales have seen a 5.0% increase in the first nine months, totaling $1.34 billion. During October, sales to non-residents also saw a decrease, reaching the lowest levels in recent years. With the combination of adult-use and medical sales, October’s total sales amounted to $165.0 million, a 0.3% decrease from the previous month but a 3.1% increase from the previous year. Overall, Illinois has observed a 3% year-to-date increase in cannabis sales, with total sales reaching $1.45 billion.
Illinois Cannabis Sales in October
Sales Slip Slightly
In October, adult-use cannabis sales in Illinois slipped slightly, totaling $138.8 million. This represents a decrease of 0.6% from the previous month, despite having an extra day in October. However, compared to the same period last year, sales have still shown growth, with a gain of 5.5%.
Yearly Gain of 5.5%
Looking at the year-to-date figures, adult-use cannabis sales in Illinois have seen a steady increase. After a significant growth of 106% in 2021 and a further 13% increase in 2022, sales have continued to rise, showing a year-to-date gain of 5.0% in the first nine months, amounting to $1.34 billion.
Sales to Non-Residents
Decrease from September
In October, sales to non-residents in Illinois saw a decrease from the previous month. In September, sales to non-residents accounted for 24.7% of total sales, but in October, this percentage dropped to 24.3%. While the decrease is relatively small, it is the lowest level recorded in the past few years.
Lowest Level in Years
The decrease in sales to non-residents is a notable trend in the Illinois cannabis market. The fact that sales to non-residents have reached the lowest level in years suggests a shift in consumer behavior or changes in regulations that may have affected out-of-state purchases.
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Sales from Medical Program
Rise of 0.9% sequentially
While adult-use sales slipped slightly in October, sales from Illinois’ medical program showed a slight increase. Sequentially, medical sales rose by 0.9% to reach $26.2 million. However, compared to the same period last year, medical sales have seen a decrease of 7.9%.
Decrease of 7.9% from a year ago
The decline in medical sales from the previous year raises questions about the factors contributing to this decrease. It could be influenced by various factors such as competition from adult-use sales, changes in patient demographics, or shifts in the medical cannabis landscape.
Combined Adult-Use and Medical Sales
Total of $165.0 million in October
When combining both adult-use and medical sales, October saw a total of $165.0 million in cannabis sales in Illinois. While this represents a slight decrease of 0.3% from the previous month, it still shows an overall increase of 3.1% compared to the same period last year.
Up 3.1% from a year ago
The year-over-year growth in combined adult-use and medical sales indicates steady progress in the Illinois cannabis market. Despite the slight dip in sales from the previous month, the overall increase from a year ago reaffirms the market’s resilience and potential for further growth.
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Year-to-Date Sales
Up 5.0% in the first 9 months to $1.34 billion
Looking at the year-to-date figures, Illinois has experienced a positive trajectory in cannabis sales. Sales in the first nine months of the year have seen a 5.0% increase, amounting to $1.34 billion. This consistent growth demonstrates the strength of the market and reflects the growing acceptance and demand for cannabis products.
Total sales of $1.45 billion, up 3% year-to-date
In total, Illinois has generated $1.45 billion in cannabis sales year-to-date, representing a 3% increase. These figures highlight the resilience and growth potential of the Illinois cannabis market, positioning it as a significant player in the industry.
About Alan Brochstein, CFA
Alan Brochstein, CFA, is a highly experienced professional in the cannabis industry. As the founder of the online community 420 Investor, he has a deep understanding of the market dynamics and trends. Alan is responsible for content development and strategic alliances at New Cannabis Ventures, where he continues to contribute to the industry’s sustainable growth.
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Cannabis Companies Mentioned
Several cannabis companies have made a significant impact in the Illinois cannabis market, including:
- 4Front
- Ascend Wellness
- Cannabist
- Cresco Labs
- Curaleaf
- Green Thumb Industries
- Jushi
- Marimed
- Verano
These companies have played an instrumental role in shaping the Illinois cannabis market and are key players to watch in the industry.
Related News
To get a comprehensive understanding of the cannabis industry, it is crucial to stay informed about related news. Some recent news articles that provide valuable insights include:
- “Cannabis Sales Stagnate in September”
- “A Look at the Florida Cannabis Market”
- “MSOs Lead Cannabis Stocks Lower in October”
- “The Global Cannabis Stock Index Plunges in October”
These articles offer a broader perspective on the cannabis industry, covering various aspects such as market trends, regional dynamics, and stock performance.
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Big Investor in Organigram Invests More
Organigram, a prominent player in the cannabis industry, announced a substantial investment of C$124.6 million from BAT (British American Tobacco) and the creation of a new company. This development signifies increased confidence and support for Organigram, reflecting the potential for further growth and expansion in the cannabis sector.
In conclusion, although Illinois experienced a slight dip in cannabis sales in October, the market continues to show positive growth trends. The combined adult-use and medical sales, as well as the year-to-date figures, demonstrate the resilience and potential of the Illinois cannabis market. With the participation of influential companies and strategic investments, Illinois is poised to maintain its position as a thriving cannabis market.
