Illinois collects $205.4M in cannabis taxes

The Telgraph reports

About $31 million from adult-use cannabis taxes is going to nonprofits in Illinois as part of the Restore, Reinvest and Renew, or the R3 program, and it’s not all going to Chicago.

Cannabis sales for January neared $90 million. Since adult-use sales began in January 2020, nearly $757.9 million in cannabis has been sold. The taxes on that can be more than 40%, depending on the potency and whether a local sales tax is added on to the state taxes.

For the state’s taxes, the total collected from January 2020 through last month totaled more than $205.4 million dollars.

More than a third of the revenue goes to the state’s general revenue fund. Ten percent goes to the state’s backlog of unpaid bills. Eight percent goes to law enforcement and two percent goes to cannabis public safety campaigns.

Read more at https://www.thetelegraph.com/news/article/Illinois-collects-205-4M-in-cannabis-taxes-15933956.php

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