CannabisNews420.com – Cannabis/Marijuana Industry News
Illinois garnered slightly over $10 million in new tax revenue from the sale of recreational marijuana during the first month such sales were legal.
According to the Illinois Department of Revenue, the state earned $10.1 million from legal marijuana sales, including $7.3 million from the tax on marijuana products and $3.1 million from the tax on retail marijuana outlets.
“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,” says Toi Hutchinson, who serves as an adviser to Governor J.B. Pritzker on cannabis control.
In his proposed budget for fiscal year 2021 released just days ago, Governor Pritzker projected $28 million in cannabis tax revenue for the remainder of fiscal year 2020 (ending June 30).
According to Illinois officials, marijuana sales may grow to $127 million in fiscal year 2021.
The Associated Press reported earlier this month that Illinois residents bought more than $30.6 million in January, while out-of-state visitor sales totaled $8.6 million, bringing the statewide total for the month to around $40 million.
“The successful launch of the Illinois’ legal cannabis industry represents new opportunities for entrepreneurs and the very communities that have historically been harmed by the failed war on drugs,” said Toi Hutchinson. “The administration is dedicated to providing multiple points of entry into this new industry, from dispensary owners to transporters, to ensure legalization is equitable and accessible for all Illinoisans.”
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