Cannabis sales are on the rise in Illinois as the state’s adult-use sales figures reach $1.5 billion.
Sales are up 50% from $1 billion in fiscal year 2021, according to a CBS News report, and the state has received $445.3 million in tax revenue this year, an increase from $297.7 million last year.
Illinois’ adult-use cannabis law, the Cannabis Regulation Tax Act, mandates that 25% of the tax revenue generated from adult-use cannabis sales must support economically disadvantaged communities that have been disproportionately impacted by the war on drugs, the news outlet reported.
“Illinois has done more to put justice and equity at the forefront of this industry than any other state in the nation and has worked to ensure that communities hurt by the war on drugs have had the opportunity to participate,” Gov. JB Pritzker said, according to CBS. “The $1.5 billion in sales of adult-use cannabis in Illinois translates into significant tax revenue with a portion of every dollar spent being reinvested in communities that have suffered for decades.”
Funds distributed to local municipalities in the state has also increased by 75% since last year, the news outlet reported, jumping from $82.8 million to $146.2 million.
“Legalizing cannabis for adults has been a wise investment for the Illinois economy and sales have continued to rise, leading to additional revenue for the state,” Illinois Senate Majority Leader Kimberly Lightford said, according to CBS. “Consistent cash-flow from the cannabis industry assists the state with funding essential services such as violence prevention, mental health, and local government.”
Illinois’ adult-use market shows no signs of slowing down any time soon; last week, the Illinois Department of Financial and Professional Regulation (IDFPR) issued its first batch of conditional adult-use cannabis dispensary licenses to 149 businesses that qualify as Social Equity Applicants as defined in the state’s Cannabis Regulation and Tax Act.
The conditional licensees now have 180 days to select a physical location for their storefront and obtain a full Adult Use Dispensing Organization License, which will allow them to begin sales.