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Illinois' Recreational Cannabis Sales Hit Record-Setting $1.5B In 2022

Benzinga · 01/06/2023 14:47

The Illinois Department of Financial and Professional Regulation (IDFPR) announced that 2022 set adult-use cannabis sales records in all categories it tracks, including the number of items sold, sales totals to Illinois and out-of-state residents, and sales total by month, reported NewsChannel20.

For the year, Illinois adult-use cannabis shops sold over $1.5 billion worth of products, an increase of more than 12% from 2021 and 131% from 2020.

A total of 36,435,129 items were sold in Illinois adult-use weed dispensaries in 2022, an increase of 20% from 2021. 

Illinois resident sales totaled over $1 billion while sales to out-of-state residents pulled in $479 million.

There are currently 113 adult-use cannabis dispensaries in Illinois, including the first three social equity dispensaries that opened their doors in 2022. Illinois issued almost two hundred new retail licenses this year, which is expected to vary in 2023.

What Are The Top Five Cannabis Companies In Illinois?

Cresco Labs (OTCQX:CRLBF), born and bred in Chicago has at least 1,150 full-time employees in the metro area, six dispensaries in the Chicago area and several throughout the state.

Chicago-based PharmaCann, Green Thumb Industries (OTC: GTBIF) and Verano (OTC:VRNOF), are two, three and four respectively. Next at number five is Massachusetts-based Curaleaf (CSE:CURA) (OTCQX:CURLF), which has the largest Chicago presence of any outside company with 400 local employees.

Other (Exciting) Illinois-Adjacent News

In early November 2022, an entity owned and controlled by Sean “Diddy” Combs announced the signing of definitive agreements to acquire certain cannabis assets in New York, Illinois and Massachusetts from Cresco Labs and Columbia Care (OTCQX:CCHWF). This is Combs’ first investment in cannabis, and upon closing will create the largest minority-owned and operated, vertically integrated multi-state operator in the country. 

Read this exclusive Benzinga interview with Tarik Brookspresident of Combs Enterprises.