The Illinois State Capitol in Springfield. Photo by Aaron Cynic.
Adult-use sales generated more than $7.3 million in taxes specific to cannabis in January, with another $3.15 million from standard retail taxes. Total sales for marijuana in January came to just under $40 million according to numbers that came out at the beginning of February. On January 1st alone, the first day marijuana sales topped $3 million.
“Today marks another milestone in the successful launch of Illinois’ legal cannabis industry. Our goal has been to build the nation’s most socially equitable program that includes new opportunities for the communities most harmed by the failed war on drugs,” said Toi Hutchinson, Senior Advisor to Governor Pritzker for Cannabis Control in a press release. “Revenue raised in this first month will soon begin flowing back into those communities to begin repairing the damage done by the failed policies of the past and creating new opportunities for those who have been left behind for far too long.”
The Governor’s office says that after administrative costs are accounted for, 45 percent of adult-use cannabis sales will be “reinvested in communities disproportionately impacted by the failed war on drugs and used to fund substance abuse and mental health programs.” The $3.15 million in revenue will be divided between the state’s general revenue fund and local governments.
The Pritzker administration estimates that Illinois will collect some $28 million in tax revenue for the 2020 fiscal year, which ends on June 30th, and that Monday’s figures put the state on track to surpass that.
Recreational Marijuana Sales Bring in More than $10 Million in Tax Revenue
Recreational marijuana sales generated more than $10 million for the State of Illinois, according to figures released Monday by the Department of Revenue.
The Illinois State Capitol in Springfield. Photo by Aaron Cynic.
Adult-use sales generated more than $7.3 million in taxes specific to cannabis in January, with another $3.15 million from standard retail taxes. Total sales for marijuana in January came to just under $40 million according to numbers that came out at the beginning of February. On January 1st alone, the first day marijuana sales topped $3 million.
“Today marks another milestone in the successful launch of Illinois’ legal cannabis industry. Our goal has been to build the nation’s most socially equitable program that includes new opportunities for the communities most harmed by the failed war on drugs,” said Toi Hutchinson, Senior Advisor to Governor Pritzker for Cannabis Control in a press release. “Revenue raised in this first month will soon begin flowing back into those communities to begin repairing the damage done by the failed policies of the past and creating new opportunities for those who have been left behind for far too long.”
The Governor’s office says that after administrative costs are accounted for, 45 percent of adult-use cannabis sales will be “reinvested in communities disproportionately impacted by the failed war on drugs and used to fund substance abuse and mental health programs.” The $3.15 million in revenue will be divided between the state’s general revenue fund and local governments.
The Pritzker administration estimates that Illinois will collect some $28 million in tax revenue for the 2020 fiscal year, which ends on June 30th, and that Monday’s figures put the state on track to surpass that.
The Illinois State Capitol in Springfield. Photo by Aaron Cynic.
Adult-use sales generated more than $7.3 million in taxes specific to cannabis in January, with another $3.15 million from standard retail taxes. Total sales for marijuana in January came to just under $40 million according to numbers that came out at the beginning of February. On January 1st alone, the first day marijuana sales topped $3 million.
“Today marks another milestone in the successful launch of Illinois’ legal cannabis industry. Our goal has been to build the nation’s most socially equitable program that includes new opportunities for the communities most harmed by the failed war on drugs,” said Toi Hutchinson, Senior Advisor to Governor Pritzker for Cannabis Control in a press release. “Revenue raised in this first month will soon begin flowing back into those communities to begin repairing the damage done by the failed policies of the past and creating new opportunities for those who have been left behind for far too long.”
The Governor’s office says that after administrative costs are accounted for, 45 percent of adult-use cannabis sales will be “reinvested in communities disproportionately impacted by the failed war on drugs and used to fund substance abuse and mental health programs.” The $3.15 million in revenue will be divided between the state’s general revenue fund and local governments.
The Pritzker administration estimates that Illinois will collect some $28 million in tax revenue for the 2020 fiscal year, which ends on June 30th, and that Monday’s figures put the state on track to surpass that.