420 with CNW – Illinois Pot Companies Sell Marijuana Worth Almost $40M in January

February 7, 2020 04:20:13

The adult-use marijuana industry in the state of Illinois started on a high note. On Monday, the Department of Financial and Professional Regulation announced that in the month of January, marijuana sales came to a total of $39.2 million.

Recreational marijuana sales became legal on the Jan. 1, 2020, and within January, marijuana customers bought approximately one million cannabis products. The majority of the marijuana products were purchased by residents of Illinois and this amounted to $30.6 million, while $8.6 million was purchased by out-of-state consumers.

The sales figures above do not account for medical marijuana sales; it is only for recreational marijuana sales. Illinois Supply and Provisions, which was previously called HCI Alternatives, is located in the Collinsville, and it is the only dispensary selling both adult-use and medical marijuana in the Metro East. The customer waiting time ranges from 90 to 120 minutes.

The regional director Kathleen Olivastro said that she is amazed that the queues are still present. And he noted that it is the new normal.

The one-month sales figures in Illinois outpaced all the other states’ sales numbers. For instance, recreational marijuana sales in Colorado did not hit the $40 million mark in one month until March 2015. Similarly, recreational marijuana sales in Washington did not hit the target until May 2015, which shows that both states were a year into their respective marijuana programs when they hit that milestone.

The shortage of marijuana flower in Illinois has prompted marijuana dispensaries across the state to limit the amount of marijuana sold to consumers or cutting back on days open to recreational customers.

Olivastro said that in order to keep up with consumer demand, Illinois Supply and Provisions keeps rotating the products available in the store.

She further said that before the day starts, they identify items of the day so as to offer the customers a wide range of healthy supply. The system helps the dispensary serve the consumers daily despite the shortage, said Olivastro.

Currently, recreational marijuana demand in the Metro Area of Collinsville is high, as it has only one dispensary open. The Green Solution Dispensary based in Sauget has a permit but is yet to announce when it will start operating.

Collinsville assistant city manager Derek Jackson said that the location of the dispensary had facilitated many trips in Collinsville in a positive way.

Jackson further said that he is hoping that the people who drive to Collinsville to buy adult-use cannabis also use money to eat in a restaurant or purchase gas before leaving. Since the city also imposes a sales tax on individual marijuana sales, it stands on making between $1 million and $1.3 million each year as tax proceeds.

Jackson further said that they have seen reports of cities making between $3 million to $4 million annually and that they are expecting that estimate conservatively.

Industry watchers strongly believe that the entire cannabis industry, including sector players like HTC Extraction Systems (TSX.V: HTC) (OTCQB: HTPRF), are glad that the industry has taken off to such a dream start.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

Denver, Colorado
303.498.7722 Office

CNW420 is part of the InvestorBrandNetwork.