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Illinois hits a record $1.5 billion of cannabis sales in 2022

SALES RECORD

Illinois hits a record $1.5 billion of cannabis sales in 2022

Illinois cannabis sales reached a record high of more than $1.5 billion in 2022, with December marking the strongest sales month to date, writes Marijuana Moment

The state’s cannabis sales total was $1,552,324,820, which the publication highlights is 12% higher than 2021 sales, and 131 percent higher than 2020 – excluding medical cannabis sales. 

Gov. J.B. Pritzker (D) stated: “When I signed the Cannabis Regulation and Tax Act into law in 2019, we set out on an ambitious goal: to create the most equitable and economically prosperous cannabis industry in the nation. 

“Our data from 2022 shows that we are well on our way towards making that idea a reality.”


LIFTING THE BAN

Google eases advertising restrictions for hemp and CBD

Google Ads will no longer ban all hemp and CBD advertising in California, Colorado and Puerto Rico, but there continue to be limitations to marketers, writes MJ Biz Daily

Changes include: 

  • Ban lifted on FDA-approved pharmaceutical products containing CBD.
  • Ban lifted on topical, hemp-derived CBD products with less than 0.3% THC.
  • Companies marketing CBD topicals must be certified by LegitScript, which involves submitting products for lab testing and providing a third-party Certificate of Analysis. 
  • Google must also certify the company. 
  • CBD will no longer be included on the company’s list of Unapproved Pharmaceuticals and Supplements. 

GLOBAL TRENDS

The Canadian cannabis sector shifts to international exports

Technical 420 writes that during the last two years, there has been a significant shift in the Canadian cannabis sector related to the amount of cannabis that is being sold abroad, rather than domestically. 

The publication highlights that, with a population of less than 40 million, Canadian Licensed Producers (LPs) are exporting cannabis to other markets – with this trend expected to become more significant in 2023 and beyond. 

The publication explores three companies that it believes to be international growth stories – stating that over the next year, it expects to see increased activity in cannabis markets outside of Canada. 

“We believe the global cannabis market is in the early innings of a hyper-growth cycle and are bullish on how the industry has evolved,” writes Technical 420.


THE GREEN ISLE?

Irish court prosecutions to resume as Europe ties itself up in CBD knots

Over the coming days a fresh wave of prosecutions of hemp and CBD businesses and consumers is to begin in the Irish courts after the European Commission (EC) declined to sanction the Government, reports BusinessCann

The publication highlights that the Irish hemp industry was expecting the EC to penalise Ireland following a High Court ruling last month that CBD products are narcotics in direct conflict with the ground-breaking 2020 European Court of Justice (ECJ) KanaVape ruling. 

However, it states that it has now earnt that that there will be no punitive action as the EC has yet to determine the status of CBD.

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