Illinois cannabis sales go

Chicago hot dogs and cannabis are a match made in heaven

Happy Friday everyone.

Today, we take a look at how the cannabis market is unfolding in states across the US. Illinois is looking like a bright spot, and Virginia may be the next big market to open up.

Have a good weekend.

A 5-minute read from JB and JR

💡What’s the big deal?

ILLINOIS SELLS
Weed and Chicago dogs go hand-in-hand

What’s happening: Illinois is raking in cannabis sales. 

Illinois sold a record $182 million worth of pot in the month of December, according to figures from the state’s Department of Revenue.

All in all, medical and recreational cannabis sales hit $2 billion the state, (with about $1.6 billion coming from recreational), driving around $417 million in tax revenue. 

Why it matters: Illinois’ cannabis industry is a rare bright spot. It takes years for states to develop functional markets, and while no state is perfect, Illinois has tried to thread the delicate needle between providing enough inventory to satisfy customers and promote small businesses and social equity.

On that front, Black-owned cannabis shops have increased from 0 to 27 percent since 2020 in Illinois, according to Marijuana Moment, though craft growers are still struggling to stay afloat.

What they’re saying: “From day one, my administration has put equity first to build the most accessible cannabis industry in the nation,” Gov. J.B. Pritzker said. “Our work will continue to repair past harm while providing opportunities for communities across the state and creating a more prosperous future.” 

🥊 Quick hits

Arkansas sold $283 million worth of medical cannabis in 2023, according to the state’s Department of Finance & Administration. 

New Jersey lawmakers filed a slew of cannabis and drug policy-related bills, including home cultivation, establishing a state bank to handle cannabis funds, and the decriminalization of psilocybin.

VIRGINIA OPENING
New bills would legalize cannabis sales

What’s new: A new bill that would legalize the sale of recreational marijuana in Virginia was introduced into the State’s House of Delegates on Wednesday, and an identical bill is expected to be filed in the Senate.

The bill, HB 698, would allow existing medical cannabis companies to switch to selling recreational cannabis by July 1. It would also open up a new “micro-business” licensing program, as an effort to provide licenses to entrepreneurs who are veterans or from disadvantaged groups affected by the War on Drugs. 

Back up: Consumption and small-scale cultivation of cannabis is legal in Virginia, though the state’s Republicans have so far blocked the opening of a functional market.

In the interim, unlicensed, and untaxed, cannabis sellers are flourishing. Longtime Cultivated readers are now surely aware of the risks of the lack of proactive policy-making when it comes to cannabis. 

What they’re saying: “I just think this is a sensible approach whose time has come,” Virginia State Sen. Adam Ebbin told Marijuana Moment.

📚 What we’re reading

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