Illinois Cannabis Prices Remain High as Michigan Market Booms
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Illinois has the 3rd largest cannabis market in the US, with over $120-140 million in monthly sales. In-state residents drive most sales, but out-of-state buyers make up 25%.
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Prices in Illinois are over 2x as high as Michigan - $9.47 vs $3.44 per gram as of Nov 2023. Taxes are also higher in IL.
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The number of licensed cannabis producers in IL is capped and has remained flat. Michigan has nearly 1,000 active licenses and continues approving more.
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Licensed production capacity estimates suggest MI now exceeds IL, enabling falling prices. Limited licensing in IL correlates with higher prices.
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Better data on supply and demand would help anticipate how these newly legal markets will evolve. MI publishes more detailed cannabis industry data than IL.