The state of Illinois has sold more than $ 1 billion in adult marijuana products this year, with first-quarter marijuana tax revenue already greater than alcohol.
Illinois, where lawmakers are eyeing bankruptcy options amid massive budget deficits, generated more than $ 86 million in adult marijuana taxes between January and March 2021, with Illinois receiving $ 72 million from liquor sales. The state has repeatedly broken its own monthly weed sales record, with both in-state and out-of-state adult sales hitting $ 28 million in March alone. During the last quarter the state IRS received more taxes on marijuana revenue than alcohol for the first time. Adults, both in and out of the state, spent nearly $ 110 million on recreational cannabis products in March.
If Illinois marijuana and cannabis products sales continue at this rate, the state will exceed $ 1 billion in adult sales by the end of 2021.
The latest data from the Illinois Department of Finance and Professional Regulation, which oversees dispensation licensing, shows that consumers spend about $ 3.5 million per day on adult cannabis products. If the trend continues, Illinois pharmacies will exceed $ 1.5 billion in marijuana sales this year.
The budget benefit has spurred comments from nearby state politicians, including Wisconsin Governor Tony Evers, who said last week: “To be honest, I’m tired of talking to the governor of Illinois … he thanked Wisconsin for crossing the border to buy marijuana.”
Last year, Illinois sold $ 670 million worth of cannabis-related products within the state line, drawing a total of about $ 205 million in tax revenues. Bankruptcy and facing at least $ 140 billion in unpaid pension liability, the expected retirement health care costs are $ 3 billion and billions more in expenses. Unpaid payment
The Truth in Accounting Government Finance Watch grants a “F” rating to the Chicago government on their A month report card. But states have repeatedly tried to show that marijuana income is being put to good use, including the Restore, Reinvest and Renew programs, which allocate 25 percent of the tax money to communities affected by the war on drugs. Most addicted The program provides legal assistance, youth development programs and business incentives for disadvantaged neighborhoods.
Illinois IRS records for fiscal year 2021 show that adult-use marijuana brought $ 13.9 million into the state’s Comptroller General’s office in July 2020, before reaching $ 30.4 million in January. come
The New York State, which enacted recreational marijuana for adults in March, released a report showing an expected $ 20 million in marijuana tax revenue in fiscal 2021-22, the Comptroller General Thomas DiNapoli recently announced. This is what the state hopes to raise to $ 245 million by 2024-25.
“As the state’s economic recovery continues, taxation has exceeded expectations and forecasts improve,” the report said. And new revenues from hikes in legal recreational marijuana taxes and online sports betting total an estimated $ 26.7 billion in SFY 2021–22.
Newsweek Contact the Illinois Department of Revenue for further observations Monday afternoon.