Illinois Cannabis Sales Exceed $188 Million in Q1 2020
BOULDER, Colo., May 5, 2020 /PRNewswire/ -- BDSA (formerly BDS Analytics), the leader in comprehensive, accurate and actionable cannabis market intelligence and consumer research, announced today that Illinois retail cannabis sales exceeded $188 million in the first quarter of 2020, reflecting adult-use sales of $109.96 million and medical sales of $78.2 million. This year's sales are projected to exceed $693 million, an increase of 176%, based on top-line sales projections modeled from point-of-sale transaction records.
Adult-use cannabis sales began in Illinois on January 1, 2020. With nearly 12.8 million residents, Illinois population is about 120% larger than that of Colorado, a state with over $451 million in legal cannabis sales in the first quarter of 2020. Illinois, as a new market, has 54 adult-use dispensaries and 55 medical dispensaries, compared with 306 dispensaries operating in Colorado's first year of adult-use sales and 587 adult-use licenses and 432 medical licenses currently. Illinois plans to license 130 additional adult-use locations, providing tremendous growth opportunity.
"Illinois is the first Midwestern state to legalize and implement an adult-use cannabis market and the largest since California. Its central location and large population –– in addition to the lack of adult-use programs in neighboring states — makes it very attractive to multi-state operators and investors," said Roy Bingham, CEO and Co-founder of BDSA.
Currently, Illinois dispensary shoppers are spending an average of $80 a month on cannabis products, and that number is expected to grow. Since adult-use sales began, the vape category has reflected the largest sales in the state, outselling flower and defying the trend often seen when adult-use markets come online.
"For the time being, the Illinois market is constrained by supply chain shortages and a relatively few numbers of retailers, but both are actively being addressed," said Bingham. "As these constraints are tackled, increased availability and competition will result in falling prices, which will feed increased demand. We anticipate a long road of growth for cannabis sales in Illinois."
BDSA forecasts the Illinois market will reach $1.5 billion in 2025, rising at a CAGR of 35.4% from 2019, driven by new store openings, increasing consumer demand and new product form factors. BDSA continues to monitor the impact of COVID-19 on the cannabis industry and will update industry forecasts later this year.
Illinois market data is available through BDSA's GreenEdge® platform. BDSA's unique combination of macro-economic research with consumer insights and retail sales tracking – all available on GreenEdge – paints a comprehensive picture of cannabis markets.
About BDSA
Headquartered in Boulder, Colo., BDSA (formerly BDS Analytics) helps businesses improve revenues, reduce innovation risk and prioritize market expansion. The company provides a holistic understanding of the cannabinoid market by generating comprehensive, accurate and actionable insights across point-of-sale data, consumer research and global cannabis industry forecast models, available through the award-winning GreenEdge® data platform. To learn more about how you can utilize BDSA's market research and insights, please visit www.bdsa.com.
Media Contact:
Carrie Booze
North 6th Agency (for BDSA)
212-334-9753 ext.142
[email protected]
SOURCE BDSA
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