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The Illinois Department of Revenue announced that adult-use cannabis sales generated $7,332,058 in cannabis tax revenue during the month of January, with an additional $3,147,928.29 generated in retail sales tax revenue. Governor Pritzker’s recently released budget conservatively estimated the state would collect $28 million in cannabis tax revenue during the remainder of the fiscal year, ending June 30, 2020. Today’s announcement puts the state on track to surpass that estimate.
Once administrative fees are accounted for, 45% of the adult-use cannabis tax revenue will be reinvested in communities disproportionately impacted by the failed war on drugs and used to fund substance abuse and mental health programs. The $3,147,928.29 in sales tax revenue will be divided between the state’s general revenue fund and the local governments where purchases were made.
“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. 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,” said Toi Hutchinson, Senior Advisor to Governor Pritzker for Cannabis Control.
The state collects cannabis revenue in two ways: a variable excise rate dependent on THC potency and type of product, and a 7% cultivators excise tax imposed on the sale of cannabis to retailers. Earlier this month, the state announced that over $39 million in adult-use cannabis product was sold at retail stores.
Last Wednesday, Governor Pritzker released his Fiscal Year 2021 budget, which projected cannabis sales would generate $28 million in cannabis tax revenue for the remainder of Fiscal Year 2020 (ending June 30, 2020). As the industry matures, revenues are estimated to grow to $127 million in FY21, of which $46 million will go to General Funds.
More info about how the money is distributed by clicking here.
* Meanwhile…
Did we just make history with the first ever congressional weed party in Chicago? #legalizeit #cannabis #NotMeUspic.twitter.com/JOC0bCCfeq
— Anthony Clark for Congress (@anthonyvclark20) February 20, 2020
posted by Rich Miller
Monday, Feb 24, 20 @ 1:03 pm
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Just think how much more the state would bring in if there was ample supply to meet demand.
Comment by Cubs in '16 Monday, Feb 24, 20 @ 1:11 pm
A tragic lie sold to the masses. I hope thirty pieces of silver is worth damaging public health for generations to come.
Comment by High Times Low Standards Monday, Feb 24, 20 @ 1:20 pm
Very good. I’m glad things are satisfactory in this regard. I’m hopeful for things going forward.
Just as consumer tastes evolved regarding beer and wine. I look forward to Illinois’ Craft Cannabis, becoming a force in response to demand and much like local craft beer and ale, something that the state will take pride in presenting as the finest available.
Comment by Maryjane Monday, Feb 24, 20 @ 1:26 pm
This would be a great time to introduce a bill to prevent any of these funds from being distributed to any towns who have prohibited sales.
Comment by TheInvisibleMan Monday, Feb 24, 20 @ 1:31 pm
===damaging public health for generations to come===
You prohibitionists have been damaging human beings for generations. Get over yourselves.
Comment by Rich Miller Monday, Feb 24, 20 @ 1:35 pm
===30 pieces of silver===
Genesis 1:12 And the earth brought forth grass, and herb yielding seed after his kind, and the tree yielding fruit, whose seed was in itself, after his kind: and God saw that it was good.
Comment by frisbee Monday, Feb 24, 20 @ 1:41 pm
Now that’s a grassroots campaign.
Great to see us exceeding revenue expectations, early though it may be.
Based on what is now being considered elsewhere with marijuana social equity policy, Illinois is a pioneer.
Comment by Grandson of Man Monday, Feb 24, 20 @ 1:46 pm
==damaging public health for generations to come.==
Um, last I checked, Cannabis isn’t an opioid.
Comment by Jocko Monday, Feb 24, 20 @ 1:54 pm
I guess we have been sitting by and watching the damage to the public health of generations for thousands of years thus far….Geez.
Please note medical patients are out buying adult use patients 2 to 1 presently.
Comment by flea Monday, Feb 24, 20 @ 2:16 pm
I still have a lot of concerns about the outright legalization of cannabis.
However, I am pleased to see that those who possess small amounts, for personal use only, of it are no longer going to be in prison.
Comment by OpentoDiscusssion Monday, Feb 24, 20 @ 2:57 pm
The tweet has been deleted…
Comment by Anonymous Monday, Feb 24, 20 @ 5:16 pm
it’s been legal for weeks and I still have not imbibed. slow your roll, doomsayers. Yes we can-nabis.
Comment by Amalia Monday, Feb 24, 20 @ 7:41 pm
Just the kind of taxes I like: someone else’s.
Comment by City Zen Tuesday, Feb 25, 20 @ 9:01 am
- High Times Low Standards-
Pray, tell how “we” are damaging public health for generations to come? Please bring only established facts to the table.
Comment by Yosemite Sam Tuesday, Feb 25, 20 @ 9:10 am