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Illinois Among Most Costly and Least Diverse Cannabis Markets in US

July 31, 2023
in News
Reading Time: 2 mins read
Illinois Among Most Costly and Least Diverse Cannabis Markets in

Illinois Among Most Costly and Least Diverse Cannabis Markets in

According to a recent study by Seattle-based Headset, the cannabis market in Illinois is among the priciest in the country and boasts a limited selection of brands. Nevertheless, it also represents a potentially fertile ground for businesspersons.

Despite Illinois having one of the most expansive cannabis markets in the US, it is unexpectedly uniform and ruled by a small number of brands. This situation leads to an artificial inflation of prices compared to other states, according to the Headset report.

Out of the 118 active cannabis brands in Illinois, a mere 10 account for 68% of sales, rendering Illinois as the state with the lowest brand diversity nationally. The state has about 53% fewer brands than Arizona, the state with the second-lowest number of cannabis brands, and it’s worth noting that both states’ markets are mainly vertically integrated.

In stark contrast, Washington state hosts more than 1,000 cannabis brands.

Illinois’ prices also starkly deviate from the national trend.

Headset’s report reveals that the average item price in Illinois is currently 89% higher than the average price in the rest of the U.S. On average, cannabis products in Illinois cost $33.82, which is 46% more than in Massachusetts, and 61% more than in Washington state.

The report also indicates that a shortage of retailers hinders Illinois, with only 120 dispensaries in operation. The state has just granted permits to another 55 this month, and now, it is contending with cross-border competition from Missouri, which introduced its recreational cannabis market earlier this year.

These and other factors have reduced the rate of growth of the Illinois market significantly, according to Headset. After an explosive growth of 101% in 2021 following the inception of the recreational market in 2020, and a growth of around 13% in 2022, the market has seen a mere growth of 2.1% so far this year.

Despite these challenges, Illinois cannabis outlets managed to record sales exceeding $950 million in the first half of 2023, positioning it as the third largest state cannabis market in the nation, after California and Michigan. Nevertheless, Headset noted that, in terms of figures, “Illinois seems to be leveling off after a few years of accelerated growth.”

While the number of brands continues to grow, the rate of growth is diminishing, as the study found.

“Since 2020, the state has seen an average annual increase in brand count of 28.1%. However, the appearance of new brands on shelves is decelerating. From 2020 to 2021, brand count grew by 32.4%, whereas 2023 saw an increase of just 11.3% compared to the previous year,” states the Headset report.

In contrast, product prices have started to decline, almost double as much as similar prices in other U.S. markets, as a response to market dynamics, according to Headset.

In conclusion, the report states that despite its challenges, Illinois “continues to be one of the largest cannabis markets in the U.S., offering considerable opportunities for businesses.”

CHECK THIS: Illinois Pot Reform Blocked by Delta-8 Dispute

Tags: Illinois
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