ROCKFORD, Ill. (WTVO) — Illinois, the third largest market for legal marijuana in America, ranks among the most expensive, according to a new report.
According to Headset, recreational cannabis is available from a select few brands, and the state adds sales taxes.
“Prices in Illinois are among the highest in the country,” Headset reports. “The average item price in Illinois is currently 89% higher than the rest of the US market. Consumers over the age of 41 typically account for 36.4% of sales, however, in Illinois they capture 42.1% of total sales.”
The report attributed the high prices to a number of factors, including that 68% of cannabis sales came from the market’s top 10 brands.
With 120 licensed retailers, Illinois ranked much lower than other states that have legalized recreational marijuana.
The state then charges the second highest cannabis tax in the country, at 31.25%, behind Washington.
Illinois legalized recreational adult use of cannabis in January 2020
June was the best sales month of the year, according to numbers from the Illinois Department of Financial and Professional Regulation.
May sales totaled almost $133 million, a less than 1% decrease from April’s revenue.
Analysts blame the stall on falling pot prices.
Wholesale marijuana prices are down, and consumers are buying lower-priced products. There are also fewer dispensaries in the state.
Nearly 200 new licenses were issued last year, but they’ve been slow to open.
Sales to out-of-state residents went up as well. Illinois took a little hit after Missouri started selling recreational marijuana last year.
Illinois residents are able to have 30 grams of cannabis flower, five grams of cannabis concentrate and no more than 500 milligrams of THC contained in a cannabis-infused product. Residents in the medical cannabis pilot program may have more than 30 grams of flower, but only if it is grown and secured in their residence under certain conditions.
People from out-of-state can come into Illinois to visit a dispensary, but the amount that they will be able to purchase is greatly reduced. Non-Illinois residents can have 15 grams of cannabis flower, 2.5 grams of cannabis and no more than 250 milligrams of THC contained in a cannabis-infused product.
