Illinois 2024 Annual Cannabis Report Shows “Explosive Growth” of Cannabis Industry in State

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According to the 2024 Annual Cannabis Report published by the Illinois Department of Financial and Professional Regulation (IDFPR), the state’s cannabis industry experienced “explosive growth” in FY2024. The report says that Illinois added 82 licensed dispensaries, the largest expansion of dispensaries since the program’s start in 2014 with the passage of the Compassionate Use of Medical Cannabis Program Act (CRTA). Compare to this 28 licenses issued in FY2023. There are currently 220 licensed dispensaries. The report also states that newly licensed dispensaries under social equity lotteries achieved parity with the market that was initially established for medical cannabis dispensaries. In the past fiscal year, there were $2,007,401,374 in cannabis sales.

In FY2025, the states hopes to expand access to cannabis for both recreational and medical patients. For example, there are currently only 55 dispensaries that medical patients have access to cannabis, which were originally awarded licenses in 2015. Unfortunately, medical patients do not have access to their medical cannabis tax rate at the remaining adult use dispensaries that were since opened. IDFPR says that it “is working with stakeholders on legislation to remove this barrier to access and further support the emerging social equity marketplace. Additionally, over the next fiscal year, IDFPR is anticipating inspecting and approving to open approximately 80 additional dispensaries from the 2021 lotteries.”

The department also stated its intention to work with those who received Conditional Adult Use Dispensing Organization licenses in the 2023 Social Equity Criteria Lottery to open its dispensaries. Currently there are 105 licenses majority owned by Social Equity applicants, 17 licenses majority owned by women and 62 licenses majority owned by people of color. The FY2024 Social Equity Criteria Lottery had almost 2,700 applicants, of which 55 were choses at potential dispensaries. Of those, 47 were able to demonstrate that they were qualified to receive a conditional license, issued on May 3, 2024.

Read the full report here.