After rebounding in February from very weak January levels, Illinois adult-use cannabis sales advanced in March. Sales of $131 million rose 15% from February, stronger than the longer month alone would suggest. Compared to a year ago, growth fell from 41% in February to 20%:
2021 adult-use sales of $1.38 billion increased 106% over 2020, and year-to-date sales of $231.3 million have increased 30% 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 subsequently to 30.% in February. During March, out-of-state purchases increased to 31.0%:
The state separately releases sales from its medical program. In March, medical sales totaled $32.0 million, down 10% from the prior year and up 13% sequentially:
Taking into account both medical and adult-use sales, total cannabis sales in March grew 12.5% to $162.9 million, up 14.6% sequentially:
In 2021, combined cannabis sales in Illinois totaled $1.78 billion, up 72% from 2020, and so far in 2022 they have increased 20% 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
