Author: Connor Lieberman
June 11, 2020
In January of 2020, Illinois became one of the latest states to allow the recreational use of cannabis. This decision is already well on its way to being one of the best the fine state of Illinois has ever made. In May, Illinois dispensaries unloaded over $44 million in recreational cannabis sales, marking the most successful month of sales since the drug was fully legalized at the start of the year. Illinois racked up $44 million in sales despite strict guidelines implemented by the CDC to help slow the spread of Covid-19. The former monthly high was recorded in January of 2020 when $39.2 million in recreational cannabis was sold as cannabis “users flooded dispensaries to get their first taste of legal weed in Illinois.”
According to Andy Seeger, a cannabis industry analyst at the Loop-based Brightfield Group, “the demand for legal cannabis has remained strong, even though much of the economy has come to a halt”. For consumers, cannabis appears to be “one of the last purchases to cut if necessary” but is “quickly picked back up upon employment.” Essentially, people will go out of their way to fit legal cannabis into their budget, and if people have to cut cannabis out, they will find ways to fit it back into their budget as soon as possible. Andy Seeger also states that “sales could be higher if not for supply limitations and a growing demand for medical cannabis”. Apparently, with the issuance of new recreational licenses delayed in the wake of the pandemic, there are not enough cultivation centers and dispensaries for recreational sales to grow significantly higher.
As stated previously, many businesses have had their revenue cut in half thanks to Covid-19. However, the cannabis industry is one of the few industries where business is booming. In increasingly uncertain times, people have looked to cannabis for stress. This sense of uncertainty is surely only going to increase, with the world being more aware of global problems, inequality, and overall unfairness embedded into the system. This ensures that the cannabis industry’s profits will continue to soar, as the world descends into more uncertainty.
Photo Credit: Chicago Sun Times