Marijuana tax revenue doubles in Illinois, cannabis sales surpass $1.5 billion
IllinoisMarijuana Industry NewsRecreational Marijuana July 26, 2022 MJ Shareholders 0
Illinois has seen a 50% increase in cannabis tax revenue since last year, thanks to the booming adult-use cannabis industry.
Gov. J.B. Pritzker’s office said Monday that adult-use cannabis sales exceeded $1.5 billion so far this year.
“Illinois has done more to put justice and equity at the forefront of this industry than any other state in the nation and has worked to ensure that communities hurt by the war on drugs have had the opportunity to participate,” Pritzker said in a release. “The $1.5 billion in sales of adult-use cannabis in Illinois translates into significant tax revenue with a portion of every dollar spent being reinvested in communities that have suffered for decades.”
Cannabis tax disbursements to the local governments climbed from $82.8 million in 2021 to $146.2 million in 2022 — a 77% increase.
The state saw total tax reported from adult-use cannabis increase from $297.7 million in 2021 to $445.3 million in 2022. Total adult-use sales increased from $1 billion to $1.5 billion in the same timeframe.
According to the state’s Cannabis Regulation Oversight Officer website, more than 30 existing medical marijuana dispensaries were issued licenses to sell adult-use cannabis. To see if any locations sell adult-use near you, visit the state’s website.
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