Cannabis Makes Illinois $10 Million In Tax Revenue In January
Cannabis sales has made the state of Illinois more than $10 million in tax revenue during the month of January according to the Illinois Department of Revenue,
According to the report, sales generated $7,332,058 in cannabis tax revenue, with an additional $3,147,928.29 generated in retail sales tax revenue.
Governor Pritzker's released a conservative budget estimating the state of Illinois would collect $28 million in cannabis tax revenue during the remainder of the fiscal year. The fiscal year ends on June 30th. Monday's announcement says this puts the state on track to surpass the estimate of $28 million.
Officials also said that 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." Additionally, the sales tax revenue will be divided between the state's general revenue fund and the local governments where purchases were made.
Toi Hutchinson, Senior Advisor to Governor Pritzker for Cannabis Control was quoted in the report saying,
"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..."
Finally, the report says as the industry matures, revenues are estimated to grow to $127 million in fiscal year 2021 with $46 million going to General Funds.
Illinois officials also reported over $39 million in total sales for the month of January.
Source: Illinois Department of Revenue