Adult-use dispensaries generated a record $75 million in sales during October
There was no blue wave or red wave during Election Day, but the green wave rolled on for cannabis as voters expanded recreational use to more locations just days after the industry’s most lucrative month yet in Illinois.
Illinois adult-use cannabis dispensaries generated a record $75 million in sales during October, up nearly $8 million from the previous month, according to the state.
The marijuana business crossed the $100 million threshold in total sales for the first time. In addition to recreational sales, medical marijuana topped $33 million during the month, according to the Illinois Department of Financial and Professional Regulation, which licenses marijuana dispensaries in the state.
Four more states approved recreational marijuana use in Tuesday’s election, while six Chicago suburbs joined a growing list of municipalities across Illinois allowing adult-use cannabis dispensaries.
Add in a Joe Biden presidential victory and the improved prospects for federal legislative reform, and Chicago cannabis companies see the nascent industry headed to new heights.
“This was a green sweep,” said Ben Kovler, 42, founder and CEO of Chicago-based Green Thumb, a six-year-old, multibillion-dollar cannabis manufacturer and retailer. “This is a massive new engine in the American economy.”
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