Illinois Cannabis Sales Hit Record $2 Billion in 2024

Illinois just set a new benchmark for cannabis sales, crossing the $2 billion mark in 2024. With $1.72 billion in adult-use sales and $285.1 million in medical marijuana sales, the state now ranks as the third-largest cannabis market in the U.S., trailing only Michigan and California.

This growth is significant, though not explosive—Illinois’ 2024 total of $2.007 billion is up slightly from $1.96 billion in 2023. Still, the state has been setting monthly records, with December sales reaching an all-time high of $176.7 million, surpassing the previous record of $172 million set in November.

Breaking Down the Numbers

Illinois’ top-selling cannabis products reflect national trends:

• Flower remains king – accounting for the largest share of sales, with $85.3 million sold in December.
• Vape cartridges follow closely, raking in $57.9 million in sales.
• Edibles round out the top three, with $23.5 million in revenue last month.

While the total sales numbers are impressive, what’s particularly interesting is the decline in product prices. Lower pricing means that more cannabis is being sold, even though total revenue increases appear modest.

For example:

• The average price per gram of flower in December fell to $8.61, down from $9.84 a year ago.
• Vape extracts dropped significantly, with an average price per gram of $52.21, compared to $66.13 a year ago.

This trend mirrors what we’re seeing across many mature cannabis markets—greater competition, increased production, and pricing pressure on operators. While lower prices are great for consumers, it underscores the challenges for businesses navigating tight margins.

Illinois’ Market Moving Forward

With continued demand and increased sales volume, Illinois remains a critical state to watch. The state’s licensing landscape, potential regulatory changes, and market consolidation will play a key role in shaping growth in 2025.

What’s your take? Will Illinois continue its momentum, or will competition and pricing pressure slow things down?

P.S.

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