Illinois sees record cannabis sales, with boost from Lollapalooza — CHICAGO (AP) — Illinois dispensaries sold a record $127.8 million in recreational marijuana in July, with a big boost coming from out-of-state fans who converged on Chicago for the Lollapalooza music festival.
The month’s sales were 10% higher than May’s record of $116.4 million, which were slightly higher than June’s $115.6 million, according to a monthly report by the Illinois Department of Financial and Professional Regulation.
Business boomed at Chicago-area cannabis dispensaries during the four-day Lollapalooza festival, which ended Sunday and which returned after last year’s event was canceled due to the coronavirus pandemic.
Because recreational marijuana was legalized in Illinois in January 2020, pot was legal in the state during Lollapalooza for the first time in the festival’s 30-year history. Although it’s illegal to smoke or otherwise consume the drug in public or around anyone younger than 21 years old, the large crowds at Grant Park boosted sales by as much as 50% at nearby dispensaries in River North and the West Loop, operators told the Chicago Tribune.
“We saw thousands of festivalgoers over the weekend at our River North store, making it our biggest weekend to date,” said Jason Erkes, spokesman for Chicago-based Cresco Labs, whose Sunnyside Dispensary in River North was the closest to the festivities.
In July, Illinois’ 110 dispensaries sold a record 2.8 million recreational weed products. State residents spent about $85 million, while sales to out-of-state customers topped $42 million, up 16% from June, according to the state.
“Summer tourism and the Lollapalooza attendees were strong contributors to July’s out-of-state sales,” Erkes said.
Illinois is one of 18 states that have legalized recreational marijuana use, which is still illegal under federal law. Through July, the state has generated $753 million in recreational cannabis sales, which is more than all of last year.
Total sales reached $1.03 billion last year, including $669 million in recreational weed and more than $366 million in medical marijuana sales.
Illinois has not yet released its medical marijuana sales figures for July.
Illinois sees record cannabis sales, with boost from Lollapalooza
About Cannin: Your Cannabis Stocks Resource
78% of Cannin’s fundamentals prove true within 30 days or less on 100+ recommendations over the past 2 years.
Cannin is your #1 trusted resource for cannabis stocks. Our global team of experts evaluates all emerging cannabis stock investing opportunities. We aggregate hundreds of hours of financial research and provide tips on the best cannabis stocks for 2021.
Use Cannin as your resource for:
Market analysts expect the marijuana and hemp industry will have an annual value exceeding $75 Billion in the next decade. Is it too late to invest in marijuana stocks? No! This is the perfect time to invest.
Are you looking to buy stock in hemp companies or marijuana companies for 2021? Interested in new penny hemp stock companies? Looking for the best Canadian cannabis stocks to invest in? Looking to leverage the power of algorithmic stock trading to beat the cannabis market? We can help.
Predict price movements of cannabis stocks several hours in advance with our proprietary algorithmic stock trading software.
- +30% Gains in 2020
- +49.8% Gains in 2019
- Backtested since 2012
We’re so confident you’ll love our algotrading cannabis stock signals, we’re willing to give you a one-month risk-free trial to see it for yourself.
Profit from the best cannabis stocks – we’ll show you how at cannin.com.