Cannabis in Illinois

Illinois Has Raked in Nearly $53 Million in Taxes on Legalized Cannabis Sales in 2020

NBC Chicago

The state of Illinois set another new record for tax collections on cannabis sales in the month of June, raking in nearly $12 million, according to state officials.

The $11,954,246 that Illinois collected in taxes on legalized cannabis in the month of June set a new record for the state, breaking the previous record by nearly half-a-million dollars, according to Gov. J.B. Pritzker’s administration.

Over the first six months that cannabis has been legal in the state of Illinois, tax revenues have totaled up to nearly $52.8 million.

Of that money, $18 million will be shared with local governments, and nearly $26 million will be directed to the state’s General Fund, according to officials.

“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 participate,” Pritzker said in a statement. “Since January, over $239 million has been spent on recreational cannabis in Illinois….and a portion of every dollar spent will be reinvested in communities that have suffered from decades of disinvestment.”

According to officials, 25 percent of revenues collected from cannabis sales will be reinvested through the Restore, Reinvest and Renew Program, directed to substance abuse prevention programs, or allocated to local governments to support crim prevention programs.

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