Higher than expected: Illinois’ $52.8M take from marijuana sales exceeds what state projected

Illinois collected almost $52.8 million in tax revenue during the first six months of recreational marijuana sales, marking a bright spot among the state’s pandemic-scarred finances.

Recreational marijuana sales have continued to rise throughout the pandemic, while many other retailers saw sales drop off. Dispensaries set a monthly record in June, when they sold $47.6 million worth of recreational pot.

Total recreational marijuana sales in the first six months have topped $239.1 million.

Of the $52.8 million in tax revenue, the state collected about $34.7 million in cannabis excise taxes and $18 million in sales taxes, according to a news release from Pritzker’s office. The sales tax revenue will be shared with local governments. The excise tax figure exceeded Gov. J.B. Pritzker’s budget estimate of $28 million.

The state expects $25.9 million to go into its general fund, which pays for most day-to-day operations, and a portion is set to be reinvested into communities hit hard by the war on drugs.

The state’s coffers needed the new flow of marijuana tax revenue. Illinois’ general fund revenues ended the fiscal year June 30 with $1.1 billion less than last year, according to June’s monthly briefing from the Commission on Government Forecasting and Accountability. [Read more at Chicago Tribune]