(WTVO) — A lack of competition has led to Illinois cannabis being among the most expensive in the country, according to a new report.
Cannabis market tracker Headset published an industry report examining the Illinois cannabis market, finding a lack of diverse competition and expensive prices.
Despite being the third-largest cannabis market in the U.S., Illinois has 120 licensed retailers, a very low number compared to other states, the report says.
Additionally, Illinois has very few brands that dominate the market. 68% of sales come from the top 10 brands, according to the report.
Illinoisians also pay the second-highest taxes on cannabis in the country, adding to the cost.
The lack of competition and high taxes have contributed to Illinois cannabis items being 89% more expensive than average and among the most expensive in the country.
However, the state is issuing 55 new retailer licenses, according to the report, and prices are slowly falling over time.