The Illinois Department of Financial and Professional Regulation has announced that adult-use cannabis sales from Jan. 1 through Jan. 12 totaled nearly $20 million.
Dispensaries processed 495,385 transactions and raked in $19,709,345.10 during the first 12 days of adult-use cannabis sales, according to a local KHQA report.
The Illinois Department of Revenue expects to release figures on the total tax revenue generated by the end of February, when the first tax payments from dispensaries are due, according to the news outlet. Twenty-five percent of cannabis sales tax revenues will go to the state’s Restore, Reinvest and Renew (R3) program, which aims to address social equity in Illinois’ adult-use cannabis industry.
Illinois Gov. J.B. Pritzker kicked off legal adult-use sales in the state with a Dec. 31 announcement that he was pardoning more than 11,000 low-level cannabis convictions on the eve of legalization.
On Jan. 1, the first day of legal sales, dispensaries saw more than 77,000 transactions nearly $3.2 million in revenue.
Several Chicago dispensaries halted adult-use sales the following week, on Jan. 6, due to supply issues, while many others placed limits on adult-use sales to ensure enough product for medical cannabis patients.
The Illinois Department of Agriculture released the applications for Cannabis Infuser, Transporter and Craft Grow licenses last week, and will begin accepting completed applications Feb. 14. The licenses will be awarded by July 1.