Illinois Trumpets 50% Rise in Adult-Use Pot Sales, Tax Revenue

Illinois Trumpets 50% Rise in Adult-Use Pot Sales, Tax Revenue
High Times

It has been a 50-50 year for Illinois’ adult-use cannabis program. As in a 50% increase in sales, and a 50% increase in tax revenue. The state’s governor trumpeted the figures in an announcement on Monday, saying that Illinois “has seen a 50% increase in total tax reported from adult-use cannabis, from $297.7 million in fiscal year 2021 to $445.3 million in fiscal year 2022,” as well as a 50% increase in adult-use cannabis sales, from $1 billion in fiscal year 2021 to $1.5 billion in fiscal year 2022. “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,” Illinois Gov. JB Pritzker, a Democrat, said in the announcement. “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.” The announcement said that “cannabis tax disbursements to local governments saw a significant jump from fiscal year 2021 to fiscal year 2022, increasing 77% from $82.8 million to $146.2 million,” and that under the state’s recreational cannabis law, “25 percent of tax revenue generated from cannabis sales must support communities that are economically distressed, experience high rates of violence, and have been disproportionately impacted by drug criminalization.” Illinois’ new cannabis law has become a centerpiece of Pritzker’s first term, with the Democrat up for re-election this year. Pritzker signed a measure legalizing recreational pot use for adults in 2019. The state’s regulated cannabis market opened for business at the start of 2020. In January, the Illinois Department of Financial and Professional Regulation (IDFPR) reported that adult-use weed sales doubled…

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Source : Illinois Trumpets 50% Rise in Adult-Use Pot Sales, Tax Revenue

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