“More than 77,000 transactions netted nearly $3.2 million in marijuana product sales on the first day of legal cannabis in Illinois, the state announced Thursday. The Illinois Department of Financial and Professional Regulation reported 77,128 transactions took place at cannabis dispensaries around Illinois, generating $3,176,256.71 on Day 1.”
To put it perspective, Michigan legalized cannabis a month earlier on December 1st. Their first-week sales hit $1.6 million. That’s a week compared to a day. Check out the story, HERE.
If you’re curious, the state hasn’t yet released figures for how much tax revenue that will work out to.
Customers spent almost $3.2 million on legal weed in Illinois on Wednesday, officials say. More than 77,000 customers bought products at dispensaries on the state’s first day of recreational marijuana sales. https://t.co/WrpBamnmb1
— Chicago Tribune (@chicagotribune) January 2, 2020
“As we start a new decade, Illinois has achieved a monumental milestone, launching the legalization of cannabis in a way that includes communities left behind for far too long, creates good jobs and expunges thousands of records for those who have lost out on opportunities and ends prohibition.”
Illinois became the eleventh U.S. state to legalize weed, joining Alaska, California, Colorado, Massachusetts, Maine, Michigan, Nevada, Oregon, Vermont, Washington and the District of Columbia.
You have to be 21 years old and have a government-issued ID to buy weed in Illinois. Non-residents of the state can also buy marijuana but in smaller quantities. And keep in mind that all purchases must be made in cash, because cash is king baby!
And also because weed is still illegal at the federal level, and banks are wary about working with an industry that is both illegal and legal at the same time.