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Illinois cannabis market sets new sales record in 2024, generates nearly $500M in tax revenue

By Nic Flosi
Updated  February 6, 2025 10:13pm CST
Cannabis
FOX 32 Chicago

The Brief

    • Illinois cannabis sales exceeded $2 billion in 2024, a 2.5% increase from the previous year.
    • Tax revenue from dispensaries totaled more than $490 million, contributing to state reinvestment programs.
    • Gov. JB Pritzker highlighted Illinois’ equity-focused approach while warning about the risks of the unregulated hemp market.

CHICAGO - Illinois’ legal cannabis industry continues to thrive, with sales surpassing $2 billion in 2024, marking the fourth consecutive year of record-setting revenue, state officials announced Thursday.

Illinois Cannabis Sales

What we know:

The Illinois Department of Financial and Professional Regulation (IDFPR) reported that adult-use cannabis sales reached a record $1.722 billion last year, while medical cannabis sales exceeded $285 million.

In total, dispensaries sold more than 56.3 million cannabis products, breaking the previous record by 13%.

Gov. JB Pritzker hailed the economic impact of the cannabis industry, emphasizing its role in job creation, tax revenue, and social equity initiatives.

"With $2 billion in record-setting sales and $490 million generated in tax revenue, our first-in-the-nation equity-focused cannabis industry is the result of my administration’s policies, which prioritized repairing the damage done by the failed War on Drugs," Pritzker said.

The other side:

While celebrating the industry’s success, Pritzker also raised concerns about the rise of unregulated intoxicating hemp products, which he said undermine the legal market by offering untested, potentially unsafe alternatives.

"This unchecked market not only undercuts legal operators but also puts consumers at risk," he said.

By the numbers:

  • Total Sales (2024): $2 billion (up 2.5% from 2023)
  • Adult-Use Cannabis Sales: $1.722 billion
  • Medical Cannabis Sales: $285 million
  • Tax Revenue Generated: More than $490 million
  • Total Cannabis Items Sold: 56.3 million (13% increase from 2023)
  • Dispensaries in Illinois: 244, including 134 social equity dispensaries

What's next:

State officials anticipate continued growth as more dispensaries open, increasing competition and lowering prices for consumers.

"We look forward to the continued growth and success of Illinois’ cannabis industry," said Cannabis Regulation Oversight Officer Erin Johnson.

The Source: The information in this article was provided by the Illinois Department of Financial and Professional Regulation, and the Illinois Department of Revenue.

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