Illinois will record more than $ 1 billion in sales of adult marijuana products this year, with cannabis tax revenues in the first quarter already exceeding alcohol revenues.
Illinois, whose lawmakers are considering bankruptcy amid a huge budget deficit, generated more than $ 86 million in adult marijuana tax revenue between January and March 2021. Illinois received $ 72 million in alcohol sales. The state has repeatedly broken its own monthly records for weed sales, with sales for adults both outside and outside the country reaching $ 28 million in March alone. In the last quarter, the state revenue department took more tax dollars than alcohol receipts for the first time ever. Adults both inside and outside the country spent nearly $ 1
If marijuana and cannabis sales in Illinois continue at this rate, the state will exceed $ 1 billion in adult sales by the end of 2021.
The latest figures from the Illinois Department of Financial and Professional Regulation, which oversees the licensing of dispensaries, show that consumers spend about $ 3.5 million a day on cannabis products used for adults. If this trend continues, Illinois dispensaries will exceed $ 1.5 billion in cannabis sales this year.
The budget benefit sparked comments from neighboring state politicians, including Wisconsin Gov. Tony Evers, who noted last week: “Honestly, I’m kind of tired of talking to the Illinois Gov. buy marijuana. “
Last year, Illinois sold $ 670 million worth of marijuana-related products within the state, raising about $ 205 million in total tax revenue. This is happening because both the city of Chicago and the state are looking for bankruptcy opportunities and face at least $ 140 billion in unfunded pension liabilities, $ 50 billion in expected retirement health care costs, about $ 3 billion in federal loans for a pandemic, and several billion unpaid expenses
The government’s Accounting Truth Finance Group gave the Chicago government a “F” for its financial position rating in a February report. But the state has repeatedly tried to prove that marijuana revenues are being used well, including the Restore, Reinvest and Renew programs, which distribute 25 percent of those tax dollars to communities most affected by the ongoing war on drugs. The program provides opportunities for legal aid, youth development programs and business incentives for disadvantaged neighborhoods.
Illinois Department of Revenue records for fiscal 2021 show that adult cannabis brought $ 13.9 million to the state control office in July 2020, before reaching $ 30.4 million last January.
The state of New York, which legalized cannabis for adult entertainment in March, published a report showing that it expects marijuana tax revenue for fiscal year 2021-22. Comptroller Thomas DiNapoli recently announced that the state hopes to increase this to $ 245 million by 2024-25.
“As the country’s economic recovery continues, tax collection has exceeded expectations and forecasts have improved,” the report said. “In addition, the state will benefit from the historic amount of federal aid and new revenues from tax increases, legalization of recreational marijuana and online sports betting totaling $ 26.7 billion in 2021-22 SFY.”
Newsweek turned to the Illinois State Department of Revenue for further remarks Monday afternoon.