Growing like a weed: Illinois recreational marijuana sales top $116 million in May

From Chicago Tribune: Recreational marijuana sales in Illinois set another record in May with more than $116 million of weed sold, the Illinois Department of Financial and Professional Regulation reported Wednesday.

That tops last month’s record by $1.4 million, and is up 163% from May 2020.

Last month, the state’s 110 dispensaries sold more than 2.5 million recreational weed products, with in-state residents spending about $80 million and out-of-state customers accounting for nearly $37 million, according to the state.

Illinois has yet to release medical marijuana sales for May.

The state legalized recreational cannabis use in January 2020. Total sales reached $1.03 billion last year, including $669 million in recreational weed and more than $366 million in medical sales.

The pace is accelerating this year, with more than $510 million in recreational sales alone through May, compared with $192 million in 2020′s first five months.

The state’s retail footprint is expected to grow significantly, providing another potential catalyst for increased sales.

Last week, Illinois legislators approved a bill to add 110 new recreational cannabis dispensary licenses. Gov. J.B. Pritzker said Friday he plans to sign the measure into law.