Illinois Governor Touts Huge Increase In Marijuana Tax Revenue For 2022 Fiscal Year As State Approves Social Equity Retailers

Illinois Governor Touts Huge Increase In Marijuana Tax Revenue For 2022 Fiscal Year As State Approves Social Equity Retailers
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The governor of Illinois is touting new marijuana revenue figures that show the state collected $445.3 million in tax dollars from $1.5 billion in cannabis sales during the 2022 Fiscal Year. While sales have remained relatively flat since peaking in December, the state saw marijuana tax revenue increase by about 50 percent compared to the prior fiscal year, when Illinois collected $297.7 million in cannabis revenue. Local governments received $146.2 in cannabis tax disbursements in the latest fiscal year, up 77 percent from the prior year. Meanwhile, officials approved 149 social equity marijuana retailer licenses on Friday, which is nearly triple the number of currently operating storefronts. That expanded access, once the new dispensaries open, could have a significant impact on future sales and tax revenue. “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,” Gov. J.B. Pritzker (D) said in a press release. Illinois made history when we legalized adult-use cannabis with the most equity-centric approach in the nation. As an expansion of our program, we're issuing dispensary licenses to 100% social equity applicants in an effort to reverse the decades-long failed war on drugs. — JB Pritzker (@JBPritzker) July 22, 2022 “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,” he said. To that end, Illinois officials announced last month that the state is awarding $45 million in grants funded by marijuana tax dollars to support community reinvestment in areas “hardest hit by the failed war on drugs.” That marks the second round of…

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Source : Illinois Governor Touts Huge Increase In Marijuana Tax Revenue For 2022 Fiscal Year As State Approves Social Equity Retailers

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