Recreational marijuana tax revenue passes $100 million in Illinois
IllinoisMarijuana Industry NewsRecreational Marijuana October 16, 2020 MJ Shareholders 0
Illinois has collected more than $100 million in recreational marijuana tax revenue since legalizing sales on January 1, according to the state’s Department of Revenue.
The tax revenue, which includes a cannabis tax, as well as state and local sales taxes, reflects growing recreational marijuana sales as dispensaries continue to open across the state. In September, adult-use cannabis tax revenue topped $20 million — rivaling the state’s liquor tax revenue for the month.
“We’ve always assumed that as the market matures, tax revenue will go up,” Sam Salustro, an Illinois Department of Revenue spokesman, said Wednesday.
When Illinois legalized recreational marijuana in January, it allowed the 55 existing medical cannabis dispensaries to begin adult-use cannabis sales at a second location. There are 67 licensed recreational dispensaries in Illinois, according to the state.
Recreational dispensaries sold more than $68 million worth of marijuana in September, topping August sales by nearly $4 million, according to a monthly state report.
The nearly $20.2 million in September adult-use cannabis tax revenue collected reflects sales in August, the state said. Illinois collected $26.2 million in liquor tax revenue for the same month. [Read more at Herald & Review]
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