We already knew that Illinois’ cannabis industry saw massive sales during its first month in action — $39,247,840.83 worth of product sold, to be exact. But now the state’s Department of Revenue has released its figures on taxes, and it’s official that Illinois is also experiencing a windfall; $7.3 million in tax revenue from January cannabis sales alone.
That blows the state’s estimates out of the water. Last week, Governor J.B. Pritzker’s office released figures forecasting the equivalent of $4.67 million a month in state cannabis revenues.
Pritzker’s cannabis advisor Toi Hutchinson hyped the revenue’s role in reversing injustices wrought by cannabis prohibition-related policing.
“Revenue raised in this first month will soon begin flowing back into those communities to begin repairing the damage done by the failed policies of the past and creating new opportunities for those who have been left behind for far too long,” Hutchinson said.
With tax rates for the sale of many marijuana-infused products set at 20 percent, Illinois has one of the highest cannabis tax rates in the country.
That money is earmarked for important destinations, though the way that the revenue will be spent varies from jurisdiction to jurisdiction when it comes to local taxes.