Chart of the Week: Illinois’ Medical Marijuana Market Gaining Steam

By Marijuana Business Daily staff

After arelativelyslow start, the medical marijuana industry in Illinois is finally seeing some sizable growth both in retail sales and patient counts.

Monthly medical cannabis sales via dispensaries have ballooned by 83% since January, reaching $2.2 million in April alone.

The states MMJ industry is now on pace to rack up roughly $25 million in sales this year, putting it right in the middle of the $20 million-$30 million estimate in the 2016 Marijuana Business Factbook.

The final tally, however, could be closer to $35 million if the trend of roughly 20% month-over-month sales increases continues.

The spike is inline with the rapid growth many markets see in the months after the first dispensaries open, and it gives hope to business owners who are worried about the viability of the market.

Sales and patient counts continue to grow at a rapid clip for years in most states,which bodes well for the future of the Illinois MMJ industry.

When the first dispensaries in Illinoisopened in early November, about 3,200 patients had qualified for MMJ cards.

The patient count nearly doubled by the end of April, hitting 6,200. About 700-800 patients are joining the program each month, meaning the base couldsurpass 10,000 by the end of the year. The increased availability of infused products and concentrates is also helping to fuel growth.

While the numbers are encouraging, they are still not strong enough to allay the fears of business owners, who in the past have said that the market needs at least 20,000 patients by early next year to stabilize.

At the end of April, Illinois had 36 registered dispensaries (most of them have opened, though a handful are still preparing to launch). Based on thesales ...