Adult-use cannabis sales generated more than $10 million in revenue in January, according to the Illinois Department of Revenue.
Sales brought $7.3 million in cannabis tax revenue as well as $3.1 million in retail sales tax revenue.
Gov. J.B. Pritzker’s budget estimated the state would collect $28 million in tax revenue during the remainder of the fiscal year, which ends June 30. The governor’s office projects current revenue puts the state on track to surpass that estimate.
After administrative fees are accounted for, 45% of the cannabis tax revenue will be invested in communities determined to be disproportionately impacted by cannabis enforcement. Sales tax revenue will be divided between the state’s general revenue fund and the municipal governments where sales were made.
– Marco Cartolano