 Illinois’ governor announced on Monday 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.”
This has come from the 50% increase in overall adult-use cannabis sales, from $1 billion in fiscal year 2021 to $1.5 billion in fiscal year 2022. Democratic Governor JB 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.” Pritzker signed a measure legalizing recreational cannabis use for adults in 2019, and the state’s regulated cannabis market officially opened sales in the beginning of 2020. Just this past week, Illinois named 185 social equity applicant license winners who are now in their 6 month compliance period where after which they can receive their final licenses and open their stores. Once these new stores are open, Illinois will have more than doubled it’s existing retail stores, which are currently numbered at 110, to a new total of 295! And that, combined with the fact that Illinois and Michigan are the only two states in the Midwest that currently allow recreational adult use sales, the state of Illinois should expect that cannabis tax revenue to just keep on growing! Comments are closed.
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