The cannabis market in Illinois has been growing despite the COVID-19 pandemic. Illinois legalized recreational cannabis on January 1, 2020. Since then, the sales have been surging. The pandemic might have affected all of the other sectors but it helped marijuana sales. Consumers stocked up on marijuana to ease their anxiety and panic amid the crisis. Both medical and recreational cannabis saw huge demand. Cannabis sales soared in April—the first month of lockdown.
Cannabis market keeps growing in Illinois
In Illinois, cannabis sales started rising in January and totaled $39.2 million. The sales reduced to $35 million in February. In April, the sales touched $37.3 million, which marked the second-highest month for recreational cannabis sales. In the first four months since Illinois legalized recreational cannabis, it recorded $147.2 million in sales. A Marijuana Business Daily article stated that Stifel thinks that the state’s market growth was constrained due to supply challenges amid the pandemic. Otherwise, Illinois would have seen higher sales.
– Read the entire article at Market Realist.
Credit: Source link
Leave a Reply