After a sharp drop in January, when adult-use sales fell 15% sequentially as they rose 32% from the prior year, Illinois adult-use cannabis sales stabilized in February. Sales of $114 million fell 3% from January, but there were three fewer days during the month. Compared to a year ago, growth accelerated to 41%:
2021 adult-use sales of $1.38 billion increased 106% over 2020, and year-to-date sales of $231.3 million have increased 36% so far in 2022. Sales to non-residents have been an increasing percentage of overall sales, reaching a record 34.2% in October, but they fell to 32.3% in November and 30.7% in December and 30.1% in January. During February, out-of-state purchases declined to 30.0%. the lowest since February 2021:
The state separately releases sales from its medical program. In February, medical sales totaled $28.2 million, down 5% from the prior year and down 5% sequentially:
Taking into account both medical and adult-use sales, total cannabis sales in February grew 29% to $142.2 million, down 3% sequentially:
In 2021, combined cannabis sales in Illinois totaled $1.78 billion, up 72% from 2020, and so far in 2022 they have increased 25% compared to a year ago.
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email
