The two states saw massive gains in cannabis sales last month
It appears that Oregon and Illinois are enjoying a fabulous market with respect to marijuana sales. It has been some time since marijuana was legalized in both states and, so far this year, sales have received a sharp increase. They’re breaking records and suggesting that legalization was a great idea because it has brought many economic benefits to each of these states.
In the case of Oregon, the figures have been astronomical, with a record $109.3 million in cannabis sales in March alone. The last time Oregon had such a boom in sales was in July 2020, when adult-use and medical sales totaled $106.6 million. According to various stakeholders, the recent pandemic relief from the federal government is thought to have greatly boosted demand. Of the total reached in this latest record, $9.6 million, or 8.8%, was from medical marijuana sales, while $99.7 million, or 91.2%, was from the adult-use market, These large increases will undoubtedly benefit state and local governments, which collect taxes of 3% and 17%, respectively, on adult sales. One of the provisions of legalization was that medical sales are not taxed.
Illinois is not far behind at all, as, according to March reports, cannabis stores reported at least $109 million in recreational sales, beating the record that was initially set in early 2021.
In February, $80 million had been reported, while in January sales reached $88 million.
According to forecasts, and if everything continues on this growth path, total sales this year are expected to exceed $1 billion.