This impressive figure includes over $850 million from adult-use cannabis and nearly $150 million from medical cannabis sales. And if you’re keeping score, Illinois hit this mark almost two weeks faster than in 2023, when the billion-dollar moment arrived fashionably late on July 10. With total cannabis sales for Fiscal Year 2024 exceeding $2 billion (up from $1.9 billion in FY 2023 and $1.8 billion in FY 2022), it’s safe to say Illinois’ cannabis industry is rolling in the green.
“Illinois has the most equitable cannabis industry in the country, and it’s growing and thriving,” Governor Pritzker declared. He went on to highlight that the rising adult-use sales, along with his administration’s policies, are turning the cannabis industry into a driving force for economic justice. “Growing sales in 2024 means cannabis tax revenue will continue to play a major role in righting decades of wrongs in the state’s criminal justice system.” In other words, it’s not just high sales—it’s high time for change.
According to data from the Cannabis Regulation Oversight Office, Illinois residents made up a whopping 81% of purchases in the first half of 2024, leaving out-of-state consumers to take care of the remaining 19%. As for what folks were buying? Cannabis flower led the pack at 49%, vape products followed closely behind at 32%, and edibles held their own at 22% (with liquid edibles sneaking in at 1.1%).
“More and more cannabis businesses opening their doors means more and more unique products for consumers to choose from,” said Cannabis Regulation Oversight Officer Erin Johnson, probably envisioning a future where choosing between edibles and vapes will be harder than deciding what to binge-watch next. Johnson also emphasized the role these new businesses play in undoing the damage caused by the War on Drugs, providing opportunities for individuals and communities disproportionately affected.
The cannabis boom isn’t just a win for businesses and consumers—it’s making a tangible difference for communities. Cannabis tax revenue has contributed over $244 million in R3 Grants, which support economic development, violence prevention, and youth programs in areas hardest hit by the War on Drugs. The Illinois Department of Commerce and Economic Opportunity (DCEO) has also used this revenue to create the Illinois Cannabis Social Equity Loan Program, offering financial opportunities to people impacted by past cannabis-related arrests and imprisonment. To date, nearly $22 million in forgivable loans have gone to social equity craft growers, transporters, and infusers.
And the support doesn’t stop there. Applications for more social equity loans for adult-use dispensary owners were accepted through April 2024, with more updates on the way. Currently, 218 dispensaries are licensed by the Illinois Department of Financial and Professional Regulation (IDFPR), with even more set to join the ranks as conditional licensees from the 2022 and 2023 lotteries meet full licensure requirements.
“It is imperative barriers are removed to ensure workforces and industries reflect the diversity of the population who calls Illinois home,” said IDFPR Secretary Mario Treto, Jr. “We are already seeing the results of our efforts, and I am excited to see what the future holds for the cannabis industry across Illinois.” In other words, the future’s looking bright—and not just because of the neon dispensary signs popping up all over the state.
