The state has collected $52 Million in adult-use taxes since recreational sales began in January 2020.
The Illinois adult-use cannabis industry is maintaining its momentum after gathering $52 million in tax revenue since January 2020. This comes from a staggering $239 million worth of overall recreational cannabis sales.
According to a news release earlier this month, the Illinois Department of Revenue received $18million in sales tax and $34.7 million in excise tax. As it stands, $25.9 million will be placed in the states General Fund – 72% more than anticipated.
Illinois is the most recent state to legalise recreational cannabis. Adult-use sales began January 1, 2020, impending the global COVID-19 pandemic under the Cannabis Regulation and Tax Act (CRTA).
Governor Pritzker stated that Illinois's new cannabis industry will help supplement disadvantaged communities in the state.
Illinois has done more to put justice and equity at the forefront of this industry than any other state in the nation, and we're ensuring that communities that have been hurt by the war on drugs have the opportunity to participate.JB Pritzker, Illinois State Governor.
The Priztker Administration continues to maintain its dedication to an equity-centric legalisation strategy. Pritzker promises that the new cannabis industry offers equal economic opportunity across all demographics and backgrounds.
Under the CRTA, 25% of cannabis-based tax revenue will be invested in the Restore, Reinvest, and Renew (R3) program. Funds can also be used towards either substance abuse prevention and mental health awareness or crime prevention programs.
Pritzker says that a "portion of every dollar" is dedicated towards those who have been judicially, socially, and economically disadvantaged in the past.
The R3 program gives access and support to disadvantaged communities that have been unfairly impacted by the judicial system.
Pritzker is also working with State Attorney, Kim Foxx, to exonerate records of non-violent and cannabis-related convictionsin Illinois.
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