Tax revenue from Illinois adult-use cannabis sales surpassed $10 million in January, according to a Chicago Tribune report.
Illinois collects sales tax, as well as an additional cannabis tax, on adult-use sales, and January sales brought in more than $3.1 million in sales tax revenue and more than $7.3 million in cannabis tax revenue, the news outlet reported.
At this rate, the state is on track to top Gov. J.B. Pritzker’s budget estimates, which projected that the state would collect $28 million in cannabis tax revenue before June 30, according to the Chicago Tribune.
Tax revenue from Illinois adult-use cannabis sales surpassed $10 million in January, according to a Chicago Tribune report.
Illinois collects sales tax, as well as an additional cannabis tax, on adult-use sales, and January sales brought in more than $3.1 million in sales tax revenue and more than $7.3 million in cannabis tax revenue, the news outlet reported.
At this rate, the state is on track to top Gov. J.B. Pritzker’s budget estimates, which projected that the state would collect $28 million in cannabis tax revenue before June 30, according to the Chicago Tribune.
Adult-use cannabis sales reached nearly $40 million in January, after legal sales launched Jan. 1.
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Several dispensaries were forced to halt adult-use sales the very next week due to supply issues, while others placed purchase limits on adult-use sales to ensure they had enough supply for medical cannabis patients.
Some cannabis operators in the state have suggested that sales could have been higher if not for these supply shortages, the Chicago Tribune reported. Many dispensaries continue to sell to the adult-use market only on certain days of the week or during restricted hours, according to the news outlet, and the shortage is expected to last for at least a year.
Illinois plans to use the taxes generated from the industry, in part, to fund regulation and to invest in communities that have been disproportionately impacted by prohibition, the Chicago Tribune reported.
