Illinois Collects $205 Million In Marijuana Taxes From First Year Of Legal Sales

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Since adult-use sales began in January 2020, nearly $757.9 million in cannabis has been sold. By Greg Bishop | The Center Square About $31 million from adult-use cannabis taxes is going to nonprofits in Illinois as part of the Restore, Reinvest and Renew, or R3 program, and it’s not all going to Chicago. Cannabis sales for January neared $90 million. Since adult-use sales began in January 2020, nearly $757.9 million in cannabis has been sold. The taxes on that can be more than 40 percent, depending on the potency and whether a local sales tax is added on to the state taxes. For the state’s taxes, the total collected from January 2020 through last month totaled more than $205.4 million. More than a third of the revenue goes to the state’s general revenue fund. Ten percent goes to the state’s backlog of unpaid bills. Eight percent goes to law enforcement and two percent goes to cannabis public safety campaigns. A quarter of every cannabis tax dollar collected goes to the R3 program by law. The first round of such funding was announced late last month. Nearly 400 nonprofits applied for the first round. Only 80 were chosen, and they’re all over the state in areas impacted by gun violence, youth poverty and other factors. State Rep. LaShawn Ford, D-Chicago, said the money will be very helpful for areas in his district if it’s properly used for economic development, violence prevention and re-entry programs. “It’s going to be a positive impact on the communities if those that have been awarded the money turn from the past and budget for results and not just have money out there without results,” Ford said. The Pritzker administration said the programs “will offer evidence-based, promising, or innovative practices within the R3 Program Priority Areas of…

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Source : Illinois Collects 5 Million In Marijuana Taxes From First Year Of Legal Sales

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