MJBiz - March/April 2024 - 20

INDUSTRY DEVELOPMENTS State by State
Illinois
Consumers in Illinois spent more than $1.6 billion on regulated adult-use cannabis in 2023, a
market record despite a nearly 15% year-over-year decline in sales to out-of-state shoppers.
The sales figure represents a 5.3% increase over 2022.
That total includes roughly $1.2 billion in sales to in-state shoppers and $408.1 million sold
to out-of-state visitors, according to the Illinois Department of Financial and Professional
Regulation.
Illinois' decline in out-of-state sales can be explained at least partly because neighboring
Missouri launched adult-use marijuana sales in February 2023. Meanwhile, December adultuse
sales in Illinois totaled nearly $154 million, a monthly record.
Kentucky
A state lawmaker introduced an adult-use marijuana legalization proposal, but the bill faces
long odds to become law.
State Rep. Rachel Roberts was received with applause when she unveiled House Bill 420, the
Louisville Courier Journal reported. The bill would set up a state regulatory authority to oversee
licensed marijuana cultivation and sales in a fashion similar to other states. State excise
taxes would be set at an initial rate of 9%.
Kentucky legalized medical marijuana last year, but the program signed into law by
Gov. Andy Beshear won't take effect until 2025. The General Assembly is scheduled to debate
details about the medical marijuana program this spring.
Regulated cannabis is available in bordering Illinois and Missouri, which have adult-use and
medical programs, respectively. Both Ohio and Virginia also have legalized recreational marijuana,
although no regulated adult-use stores have opened in those states.
Roberts' HB 420 " is unlikely to gain traction " in Kentucky's Republican-controlled House of
Representatives, the Courier Journal predicted.
Massachusetts
State cannabis sales broke records in 2023 for the sixth year in a row, and December was the
best month ever.
Retailers sold more than $1.56 billion in 2023, an increase of $78 million compared to 2022,
according to Cannabis Control Commission (CCC) data.
That's despite falling wholesale cannabis prices and dwindling cross-border shoppers from
states that have now legalized. According to a CCC news release:
* Retailers and delivery services sold $140.1 million in adult-use products in December 2023.
* Nearly every month in 2023 had higher sales than the same month in 2022.
" This continued growth confirms that Massachusetts' regulated marijuana industry is still a
maturing market, " CCC Chair Ava Concepcion said in a statement.
" As more retailers and delivery licensees come online, flower prices start to stabilize, and
the stigma surrounding cannabis slowly dissipates-legal, tested products are becoming more
accessible, affordable and approachable than ever before. "
20 March-April 2024 | MJBizMagazine

MJBiz - March/April 2024

Table of Contents for the Digital Edition of MJBiz - March/April 2024

MJBiz - March/April 2024 - Cover1
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MJBiz - March/April 2024 - Cover3
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