Illinois Sells $3 Million Worth Of Cannabis On First Day Of Legalization

The inaugural day of legalization proved to be a successful one for adult-use shops in Illinois as customers spent millions of dollars on cannabis products, which became legal for adult residents and visitors to the state to purchase, possess, and consume on the first of the year.

The Illinois Department of Financial and Professional Regulation (IDFPR) reports that there were 77,128 transactions made on Wednesday, January 1, 2020, generating a total of $3,176,256.71 in sales.

According to the Department, there are currently 46 adult-use cannabis shops that are licensed to sell recreational marijuana to adults, including ten in the city of Chicago.

“As we start a new decade, Illinois has achieved a monumental milestone,” said Senior Advisor to the Governor for Cannabis Control, Toi Hutchinson. “Launching the legalization of cannabis in a way that includes communities left behind for far too long, creates good jobs and expunges the thousands of records for those who have lost out on opportunities and ends prohibition.”

Under state law, Illinois residents may purchase up to 30 grams of cannabis flower, 5 grams of concentrate, and 500 milligrams of THC-infused products such as edibles at licensed shops.

Visitors to the state are permitted to purchase half as much as residents.

But even as the first recreational dispensaries have just opened their doors for business, more will be following suit in the coming months as the state is already preparing to distribute the next round of licenses.

On Monday, the IDFPR announced the commencement of the eighth round of Same Site licenses, which will allow existing medical cannabis dispensaries to obtain adult-use dispensing licenses for shops they currently run.

The Department also announced the first round of Secondary Site licenses for medical cannabis dispensaries, which they may use to open additional shops within limited geographic areas.

New applicants in 2020, including social equity applicants, will be able to apply for an additional 75 adult-use licenses.

Social equity applicants will be eligible for additional points on their application, low-interest loans, fee reductions, and technical assistance.