Marijuana revenue doubles in Illinois - State cannabis sales surpass $1.5 billion
Illinois has seen a 50% increase in cannabis tax revenue since last year, thanks to the booming adult-use cannabis industry.
Gov. J.B. Pritzker's office said Monday that adult-use cannabis sales exceeded $1.5 billion so far this year.
"Illinois has done more to put justice and equity at the forefront of this industry than any other state in the nation and has worked to ensure that communities hurt by the war on drugs have had the opportunity to participate," Pritzker said in a release. "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."
Cannabis tax disbursements to the local governments climbed from $82.8 million in 2021 to $146.2 million in 2022 — a 77% increase.
The state saw total tax reported from adult-use cannabis increase from $297.7 million in 2021 to $445.3 million in 2022. Total adult-use sales increased from $1 billion to $1.5 billion in the same timeframe.
Under Illinois law, 25% of the tax revenue generated from adult-use cannabis sales must support economically distressed communities, or those experiencing high rates of violence or are disproportionately impacted by the criminalization of drugs.
The state, through the Illinois Criminal Justice Information Authority's Restore, Reinvest, and Renew Program, has awarded $113.5 million in grants with funds generated by the adult-use cannabis sales to underserved communities, according to the release.
"Created by Illinois’ historic cannabis legalization law, the R3 Program is designed to help communities with issues of gun violence, child poverty, unemployment, and imprisonment by providing funding from the taxes of adult-use cannabis sales," the release read.
"The cannabis industry continues to have a positive impact in Illinois,” Illinois Department of Revenue Director David Harris said in the release. "It has created hundreds of jobs at cultivation centers and dispensaries throughout the state, and tax revenue generated continues to flow to local governments, help with drug programs and treatments, and is also being reinvested back into the communities that need it the most."
