Illinois cannabis sales soar to nearly $11 million in first five days

CHICAGO, Ill. (WIFR) -- The state of Illinois reports more than 270,000 transactions totaling $10,830,667.91 in the first five days of legal adult-use cannabis sales.

Around 25 percent of those sales tax revenues will support the Restore, Reinvest and Renew program, which addresses the impact of disinvestment, violence and overuse of the criminal justice system.

"The successful launch of this new industry is a historic development for our state that will benefit the very communities that have been disproportionately impacted by the failed war on drugs,” said Toi Hutchinson, senior advisor to the Governor for cannabis control. “As we move into the next phase, the Pritzker administration is proud to see the robust interest in dispensary ownership from social equity applicants, and we encourage them to apply for $30 million in loans that we have available to reduce the capital barriers to entry. Unlike any state in the nation, Illinois has set the standard for what it means to legalize cannabis in a way that begins to right the wrongs of the past and gives new opportunity to those that have been left behind for far too long.”

In addition, more than 700 applications were submitted to the state for nearly 4,000 dispensary licenses.