Major Multi-State Operators That Are Levered To The Illinois Market Are BOOMING

Illinois is one of the fastest growing cannabis markets in the United States (US) and we have been impressed with the growth it has recorded so far this year.

The state recently joined the $1 billion of cannabis sales club and this is a milestone that our readers should be aware of.

In November, Illinois generated more than $120 million of recreational cannabis revenue (a 61% increase on a year-over-year basis). Although November’s recreational cannabis sales are slightly lower than the amount of sales that was reported in October, we attribute part of the decline to the month having one less than day.

The state does not publish medical cannabis sales data on the same day that it reports the amount of recreational cannabis sales for that month. During October, Illinois generated almost $32 million of recreational cannabis revenue which is 4% lower than the amount that was reported in October 2020.

When we analyzed the performance of Illinois’ legal cannabis (medical and recreational) in October, sales increased by more than 40% on a year-over-year basis. The state sold more than $155 million of medical and recreational cannabis for the month and we will monitor how the cannabis sales trend changes in 2022.

A key factor in the performance of Illinois’ recreational cannabis market is the amount of sales to non-residents. So far this year, the amount of revenue from this subset of people has been an increasing percentage of sales.

When compared to October, recreational cannabis revenue from non-residents dropped by approx. 7% in November. The decrease led to an approx. 2% drop in the percentage of recreational cannabis revenue that is from non-residents and this is a metric that we will continue to monitor in Illinois.

Several leading US multi-state operators (MSOs) have a presence in Illinois and we are bullish on the growth prospects that are associated with the state. In 2022, we expect Illinois’ cannabis industry to continue to record strong growth and will closely follow the companies that have the most market share in it.

If you are interested in learning more about Illinois’ cannabis industry, please send an email to support@technical420.com with the subject “Illinois’ Cannabis Industry” to be added to our distribution list.

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