July cannabis sales set record at nearly $61 million
July was another record month for marijuana dispensaries in Illinois.
The businesses sold more than $60.9 million worth of products, according to the Illinois Department of Financial and Professional Regulation.
Last month, dispensaries surpassed the 1 million mark for items sold for the first time, ringing up 1,270,063 individual products for customers. That was an increase from 994,545 products sold in June. The average purchase in July was $47.99, not including taxes.
Since cannabis use and possession for people 21 and older became legal Jan. 1, Illinois dispensaries have sold $300.1 million worth of marijuana products. Lines on the first day of sales snaked along for blocks. Monthly sales have continued to grow as supplies have increased and more shops have opened.
Sales at the roughly 60 dispensaries in Illinois last month included $44.7 million worth of products sold to Illinois residents and $16.2 million to residents of other states -- both of which are new monthly records.
These sales figures likely will lead to a record in tax revenue, as well. The state during the first six months of the year collected $52 million in adult-use marijuana taxes, including $34.7 million in excise taxes and $18 million in sales taxes that will be shared with local governments.
July tax figures are expected to be released later this week.
The state taxes marijuana based on its potency, ranging from 10% to 25%. Money generated from the state's marijuana tax will go into multiple coffers.
The state's general fund gets 35%, a community development revitalization program for areas affected by the criminalization of marijuana gets 25%, while 20% goes to substance abuse and mental health programs and 10% goes toward the state's backlog of unpaid bills. Local government law enforcement agencies receive 8%, and 2% goes to public education and analysis of marijuana legalization.
Legalization of marijuana has been a bright spot for Illinois finances, with revenues otherwise dwindling during the COVID-19 pandemic.
• Daily Herald staff writer Jake Griffin contributed to this report.