Illinois Cannabis Sales: Volume Up, Value Down
The Illinois cannabis market has reported a significant decline in value, with sales totaling $1.5 billion in the fiscal year ending June 30, a 22% drop from the previous year. However, despite the decrease in dollar sales, the state has seen a surge in volume, with a record number of cannabis products sold in July, August, and September.
The decline in value can be attributed to price compression, a common phenomenon in maturing cannabis markets, as well as the state’s switch to a new sales tracking service that better accounts for discounts and sales. This change may have inflated previous sales figures.
In July, Illinois set a new volume record, with over 5 million cannabis products sold. This trend continued in August and September, with 4.9 million items sold in August and a 10% increase over the same period last year. The state issued 114 new licenses in September, particularly in the medical market, covering cultivation, processing, distribution, and retail.
Flower remains the top-selling category in Illinois, accounting for over $800 million in sales in the fiscal year. According to data from Headset, flower has maintained its position as the largest category in the state, with leading brands including Rythm from GTI, UpNorth Humboldt, Khalifa Kush, and Daze Off. The top-selling flower products were sold in eighth-ounces, with prices ranging from $24 to $37 for the top 10 products.
As the state continues to issue more licenses and increase the amount of cannabis consumers can purchase at one time, sales are expected to continue growing by volume.
