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Illinois’ First Month of Tax Revenue to Fund Programs

The Illinois’ cannabis industry saw massive sales during its first month in action — $39,247,840.83 worth of product sold, to be exact. But now the state’s Department of Revenue has released its figures on taxes, and it’s official that Illinois is also experiencing a windfall; $7.3 million in tax revenue from January cannabis sales alone. 

Illinois announced first month of tax revenues from legal cannabis sales

With tax rates for the sale of many marijuana-infused products set at 20 percent, Illinois has one of the highest cannabis tax rates in the country. 

That money is earmarked for important destinations, though the way that the revenue will be spent varies from jurisdiction to jurisdiction when it comes to local taxes. 

Recipients of the funds include local municipalities, the State’s general fund, a restorative justice initiative to assist those harmed by the “war on drugs”, law enforcement training and substance abuse programs.

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