Illinois Pot Revenue Falls As Hemp And Other States Cut Into Prices For Now Struggling Industry

Feb 18, 2026 | Great Lakes Region

The opening of the Okay Cannabis shop in Wheeling three years ago seemed like a good business bet. It was the first dispensary in the state to combine sales of marijuana and alcohol with the adjoining West Town Bakery.

Weed, booze and baked goods? It appeared to be a can’t miss.

But sales were not enough to justify its large footprint. Last spring, the store closed and it remains empty.

The sign for Okay Cannabis along the 700 block of North Milwaukee Avenue is seen on Feb. 13, 2026, in Wheeling. The 12,000-square-foot space closed last year. (Stacey Wescott/Chicago Tribune) Okay Cannabis Dispensary and West Town Bakery in Wheeling are seen on April 9, 2024. (Vincent Alban/Chicago Tribune) The patio at Okay Cannabis Dispensary and West Town Bakery is seen in Wheeling on April 9, 2024. (Vincent Alban/Chicago Tribune) Show Caption1 of 4Okay Cannabis Dispensary is seen on April 9, 2024, in Wheeling. (Vincent Alban/Chicago Tribune)Expand

It’s not the only Illinois marijuana shop to go out of business. A Spark’d dispensary in northwest suburban Crystal Lake also abruptly closed in 2024. And many cannabis business-license holders have yet to open. Only 29 of 86 licensed craft growers are operational, state records show.

For the first time, in a business that was once considered to be like printing money, annual recreational cannabis sales revenue in Illinois declined last year, falling 13%, to $1.5 billion. Medical sales have been declining since 2021. The lower sales reflect falling prices, due mainly to competition from hemp and out-of-state sales.