Illinois released sales figures for adult-use cannabis in October today, a bit later than normal. They were up 4.2% sequentially to $142.3 million. On a per-day basis, sales rose 0.9%. The year-over-year growth was +2.5% after the first decline recorded in September:
While revenue fell from a year ago, units sold increased by 8.6%, suggesting that revenues fell due to lower prices or substitution of lower-priced products by consumers. Units sold fell 6.7% sequentially, which was slightly less than the decline in overall sales for adult-use from August.
After increasing 106% in 2021, 13% in 2022 and then 5% in 2023, year-to-date adult-use sales are up 5.8% in 2024 to $$1.14 billion. During September, sales to non-residents were 21.6%:
The state separately releases sales from its medical program, and the release for October showed that sales rose 2.4% sequentially to $22.2 million, which was down 15.4% from a year ago:
For August, combined adult-use and medical sales were $164.5 million, increasing 4.0% sequentially and down 0.3% from a year ago.:
Total sales of $1.96 billion in 2023 were up 3% from 2022. So far in 2024, sales have increased 3% from the start of 2023.
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email
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