Illinois saw 50% increase in cannabis sales, with $1.5 billion in past fiscal year
CHICAGO (CBS) -- Cannabis sales are up in Illinois as the state received nearly $450 million in tax revenue from $1.5 billion in recreational marijuana sales.
According to Governor JB Pritzker, the amount of taxes collected from recreational marijuana sales went from $297.7 million in fiscal year 2021 to $445.3 million this year, an increase of 50% from the same time last year. Overall, recreational pot sales also went up 50%, going from $1 billion to $1.5 billion.
"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," Pritzker said. "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."
According to state law, 25% of tax revenue from cannabis sales must support economically distressed communities along with being "disproportionately impacted by drug criminalization."
"Legalizing cannabis for adults has been a wise investment for the Illinois economy and sales have continued to rise, leading to additional revenue for the state," said Illinois Senate Majority Leader Kimberly A. Lightford. "Consistent cash-flow from the cannabis industry assists the state with funding essential services such as violence prevention, mental health, and local government."
The money going to local municipalities also went up from 2021 by more than 75% from $82.8 million to $146.2 million.
"Every additional dollar the state sees in cannabis tax revenue means more funding for towns, cities, and counties that rely on taxes to fund critical services," Illinois State Senator Cristina Castro (D-Elgin). "That means more savings for our taxpayers and better financial stability for local governments – that's definitely something I'm proud of."