Keeping pace with the ever changing state and federal regulations of being a cannabis employer is complicated. A misstep can be financially devastating.
New record set for third month in a row in Illinois.
We are a couple months into the second half of the year and deep in the new reality that COVID-19 has placed on us. Some businesses had to close their doors temporarily and some have had to close them permanently with the pandemic in full swing. The Cannabis industry; however, has somehow been able to not only weather the storm, but increase its success.
July brought with it $61 million in recreational Cannabis sales for Illinois. This set the new record for the state, beating June’s sales by $13.4 million. Since the start of recreational marijuana sales in 2020, Illinois has seen its dispensaries sell about $300.1 million.
Since May, new records have been set in the state for marijuana sales. In fact, there was a 75% increase for July compared to the numbers seen in February which was the lowest month in sales at $34.8 million. With these numbers, it is easy to see that this trend for the market shows a good outlook for the industry.
Prior to the legalization of Marijuana in many states, the illegal sale of the drug was the only way that consumers were able to obtain and use the drug recreationally. With the ongoing legalization of the drug across the country, new marijuana markets have opened and caused the illicit drug dealers to either go legitimate or lose business. Consumers have caused a major increase in sales for the market as they flock to the legal avenues to make their cannabis purchases.
With the effects of COVID, dispensaries have seen an even bigger increase in sales. The industry has already seen success in states that have legalized marijuana, including Illinois, but COVID-19 has brought a new boost. The second quarter has shown a drastic increase in sales and the theory behind that is the pandemic itself.
At the start of lockdowns, in March, many businesses were required by respective States to close their doors if they were not deemed essential. Marijuana businesses, on the other hand, were classified as essential. This meant that during the lockdown, when most were staying at home, they had the opportunity to partake in more consumption of cannabis products. Indeed, consumers did take advantage of industry staying open as an essential business and sales have reflected such. Not only have people had more time at home, they’ve also used cannabis products to reduce stress during the trying times that the pandemic has brought with it.