Recreational marijuana sales in Salveo Capital’s home state of Illinois have reached nearly $1 billion, and three months remain in the calendar year. According to monthly data released by the Illinois Department of Financial and Professional Regulation, the state’s adult-use industry sales were at just over $997 million at the end of September.
That total is leaps and bounds over 2020, when Illinois’ recreational cannabis businesses brought in $669 million for the entire year.
Read MoreLegalized cannabis sales in Salveo Capital’s home state of Illinois continue to smash all sorts of records, with the state now exceeding $1 billion in recreational weed sales and setting a new record for sales in the month of April.
According to the latest data available from the state’s Department of Revenue, Illinois recorded nearly $115 million in sales in the month of April alone, the highest-grossing month since cannabis became legal last year. By comparison, the state saw $37 million in sales during the month of April in 2020.
Read MoreIllinois, Salveo Capital’s home state, set a record with $109 million in sales of recreational marijuana in March — a huge 35% increase from the previous month.
Better weather no doubt played a significant role in the increase over February. But the sales reflect an escalation of the almost constant growth in sales since cannabis was legalized in the state in January 2020.
Read MorePot stocks rallied on Wednesday as the results of Georgia's Senate runoff elections lifted investors' hopes for nationwide decriminalization. Raphael Warnock and Jon Ossoff won their races, according to projections from Decision Desk HQ and Insider, giving Democrats a slim majority in the Senate and unified control of the government for the first time since 2011. Nationwide decriminalization of cannabis would rapidly expand the addressable market for producers. Companies have so far been relegated to states where the drug is legal.
The Democratic-controlled House passed a bill in December to decriminalize and tax marijuana at the federal level, but Senate Republicans balked at the measure. The Democrats' wins in Georgia give the party a narrow margin to pass more progressive cannabis legislation.
Read MoreIt was just one year ago that regulated recreational cannabis sales launched in Salveo Capital’s home state of Illinois, and the state has seen a significant upward trend in purchases in the months since, even amid the coronavirus pandemic.
Now state officials are reporting at least $1,000,308,800 in total sales from medical and recreational marijuana purchases over the course of the year—and that doesn’t include data from medical cannabis sales in December, which has not been released yet. There were $87 million in adult-use marijuana purchases in December alone, data released Monday shows. That’s roughly $10 million more than the prior month.
Read MoreCannabis is having a great first year in Salveo Capital’s home state of Illinois. Starting from zero when the first recreational dispensaries opened in Illinois last January, the industry has enjoyed sales of over $500 million. And, despite the pandemic, revenues have increased nearly every month. In just the first 11 months of its existence, the recreational cannabis industry pumped over $150 million dollars in new tax revenue into state coffers.
Read MoreIn Salveo Capital’s home state of Illinois, Lightfoot proposed laying off 350 Chicago city workers as part of a package of cuts deemed necessary to close an estimated $2 billion budget deficit over the next two years. But then Illinois recorded another $100 million in cannabis sales-tax revenue in October, pushing the yearly haul to $800 million through the first ten months of the year. That’s almost as much as Illinois rakes in via taxes on liquor.
With more cannabis money than previously expected, Lightfoot said Saturday that the layoffs can be avoided, as the Chicago Sun-Times reported.
Read MoreIllinois cannabis sales have been noticeably increasing month over month, reaching the highest point in October with a total amount of $75.28 million in adult-use sales alone. October sales have beaten September ones by around $8 million, and those in January by $36 million.
Read MoreIllinois has hit a marijuana tax milestone, the state announced on Tuesday, collecting more than $100 million in revenue from cannabis sales since the recreational legalization program launched this year.
In spite of the coronavirus pandemic, Illinois has seen record-breaking marijuana sales month-over-month, contributing to the significant tax revenue that’s being used to fund local governments and restorative justice programs.
Read MoreMarijuana shops in Salveo Capital’s home state of Illinois sold nearly $64 million in recreational weed during August, topping the previous record set in July by more than $3 million. Dispensaries have sold more than $360 million in recreational weed since sales became legal in the state on Jan. 1, according to information from the Illinois Department of Financial and Professional Regulation.
Read MoreWhile many businesses have been struggling to survive during the pandemic, Illinois pot dispensaries have continued to thrive, setting another sales record in July. The $61 million in recreational marijuana sales last month represented a 28% increase over June, when Illinois had $47.6 million in sales, according to the Illinois Department of Professional and Financial Regulation. Those figures do not include medical marijuana sales.
Sales of recreational pot have increased each month since February, which saw a slight drop in sales from January, the first month of legal weed in Illinois. So far this year, recreational pot dispensaries in Illinois have sold nearly 6.7 million marijuana products worth a total of more than $300 million.
Read MoreLast week, the governor of Illinois announced that the state brought in $52 million in tax revenue in the first six months of legal recreational cannabis sales. During that same time period, total marijuana sales amounted to $239 million. The state announced that 25% of the collected cannabis tax revenue would fund an extensive community reinvestment program to support those communities most negatively impacted by the failed war on drugs.
Read MoreToday, more than 80% of the U.S. population agrees with some form of legalization, and that number is growing. Additionally, acceptance of cannabis is growing, with nearly 70% of adults 21+ living in fully legal states identifying as cannabis consumers OR as being open to consuming.
Read MoreCannabis, illegal just last year in Illinois, will now have its own competition to see what’s best in the state. “It’s like the Olympics of the cannabis world,” said Adam Levin, CEO of Hightimes Holding Corp. “It’s bringing attention to legalization and putting Illinois on the map,” he said.
Salveo Capital portfolio company Coda Signature ranked as a leader in product innovation with wins at the High Times Colorado Cannabis Cup in three categories: First Place in Topicals for its Symphony Bath Bombs; First Place in CBD Vape Pens & Cartridges for its Balance CBD Vape Cartridge; and Second Place in CBD Edibles for its 1:1 Coffee & Doughnuts chocolate bar.
Read MoreIllinois smashed yet another record in the month of June, with more than $47 million in cannabis sales reported by the state’s Department of Financial and Professional Regulation. According to state officials, cannabis sales in June topped $47.6 million, setting a new single-month record in the state. The previous high of $44.3 million was set in the month of May, continuing strong sales growth statewide. Over the first six months of legalized marijuana in the state, Illinois dispensaries have racked up more than $239 million in sales.
Read MoreRetail sales of medical and recreational cannabis in the United States are on pace to eclipse $15 billion by the end of 2020, an increase of approximately 40% over 2019 sales figures, according to exclusive projections from the 2020 edition of the Marijuana Business Factbook. Total U.S. sales could rise as high as $37 billion by 2023, according to exclusive projections from the latest Factbook, which was released Monday at MJBizConNEXT Direct.
Read More(CNN) - A Department of Justice whistleblower is expected to testify on Wednesday that Attorney General Bill Barr improperly went after cannabis suppliers because of his personal feelings about the industry. According to testimony released on Tuesday, John Elias, a career department employee, will highlight Barr's perceived motivations behind the department's multiple investigations into mergers in the cannabis industry.
Read MoreSen. Bernie Sanders (I-VT) said that Congress should federally legalize marijuana as another step toward enacting policing reform and addressing racial injustices. “Finally, and certainly not least importantly, we need to legalize marijuana,” he said toward the end of a nearly 25-minute address. “In the midst of the many crises we face as a country, it is absurd that, under the federal Controlled Substances Act, marijuana is at Schedule I, along with killer drugs like heroin.”
Read MoreIllinois dispensaries unloaded over $44 million in recreational weed in May, marking the most successful month of sales since the drug was fully legalized at the start of the year. The previous monthly high was recorded in January, when $39.2 million in recreational cannabis was sold as pot users flooded dispensaries to get their first taste of legal weed in Illinois.
Read MoreThe situation is reminiscent of what the country faced during the Great Depression nearly 100 years ago. At that time, one of the government's solutions was to end its 13-year experiment with alcohol prohibition. Today, the very same factors that caused the government to pull the plug on alcohol prohibition should result in the final nail in the coffin of the country’s much longer standing but equally unjust policy of marijuana prohibition.
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