The Illinois Department of Revenue reported Monday that the first month of legalized adult-use cannabis sales in the state generated $7.3 million in cannabis tax revenue for the state, plus another $3.1 million in retail sales taxes that are shared between the state and local governments.
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SPRINGFIELD – The Illinois Department of Revenue reported Monday that the first month of legalized adult-use cannabis sales in the state generated $7.3 million in cannabis tax revenue for the state, plus another $3.1 million in retail sales taxes that are shared between the state and local governments.
“Today marks another milestone in the successful launch of Illinois’ legal cannabis industry,” Toi Hutchinson, a senior advisor on cannabis policy to Gov. JB Pritzker, said in a statement.
Last year, at Pritzker’s urging, lawmakers passed a bill legalizing the production and sale of adult-use recreational marijuana. The law took effect Jan. 1.
Under that law, marijuana cultivators pay a 7-percent privilege tax on their sales to dispensaries. Retail sales, in turn, are subject to retail sales taxes as well as a special cannabis tax that ranges from 10 to 25 percent, depending on the type of product being sold and its THC content.
Those taxes are in addition to the retail sales taxes levied by the state and the local governments where the sales occur, but they do not apply to products that are taxed under the state’s medical marijuana program.