Illinois cannabis sales reach $3.2 million on the first day

The first day of Illinois’ cannabis sales were reported to reach almost $3.2 million.

Under the new Illinois law, cannabis can already be legally purchased for recreational use, and the convictions of 11,000 people previously convicted for possession of small quantities of cannabis have been removed from the criminal record.

The Department of Financial and Professional Regulation has reported that more than $3.2 million in revenue has been generated from over 77,000 transactions.

You can find more information about cannabis markets and other important news in the cannabis sector in the Hemp.im app. This app collects the latest marijuana news among cannabis sectors that investors operate in.

Anticipation fuels Illinois’ cannabis sales

Cannabis can be purchased without a prescription in a state-approved shop by people who are 21-years-old and over.

Non-residents and tourists may purchase marijuana, cannabis extracts and THC food products, but in half the amount of Illinois residents.

The first client at one of the marijuana stores was the governor of state Lieutenant Julia Stratton, who was already waiting in line for the opening at 6 a.m.

The media reports that she spent $100 on THC jelly beans and customers applauded her after the transaction.

Legalization of marijuana in Illinois

Act HB0902 also legalized cannabis throughout the state. The Act contains provisions for the legalization of the cultivation, transportation, and sale of cannabis and cannabis products by licensed breeders, laboratories and retailers.

The industry will be managed and regulated by the Department of Agriculture and the Department of Financial and Professional Regulation.

Illinois is the 11th state (plus the District of Columbia) to legalize cannabis in the U.S. Bloomberg has reported that Illinois cannabis sales will generate $2 to $4 billion in sales revenue annually.

The Governor of Illinois, J.B. Pritzker, also pardoned more than 11,000 people who had previously been convicted of possession of marijuana, and more than 700,000 people arrested for possession will have a clean record.

Illinois cannabis sales higher than Michigan

In comparison to the first day of the legal sale of marijuana in the state of Michigan on Dec 1, 2019, revenue amounted to approximately $221,000 with approximately 2,200 transactions.

As the sixth most populous state in the U.S., Illinois will become one of the largest cannabis markets in the country.

The enthusiasm for the market launch was evident in social media where users and politicians shared videos from various cities with hundreds of people queuing in front of the store.

__

(Featured image byAdeolu Eletu via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Hemp.im, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in FaktyKonopne, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Hemp.im assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Hemp.im is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.