Illinois could generate over $1 billion in adult-use marijuana sales in 2021, resulting in substantial tax revenue.
Illinois has hit another record in marijuana sales, surpassing $100 million in March.
According to the state Department of Financial and Professional Regulation, a total of 2,317,315 marijuana items worth $109,149,355 were sold over the period.
- March sales have beaten February ones by over $28 million, and those in January by slightly over $20 million.
- In March, the adult residents of the Praire State spent $75,744,092 on recreational cannabis products.
- In addition, out-of-state resident sales amounted to $33,405,263.
- On average, $3.5 million worth of cannabis was sold daily, Chicago Sun-Times reports.
Illinois could generate over $1 billion in adult-use marijuana sales in 2021, resulting in substantial tax revenue, Marijuana Moment writes.
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In the first six months of marijuana sales, following the legalization of recreational use on Jan. 1, 2020, Illinois’ marijuana tax revenue totaled $52 million.
In January, the state opted to support social justice initiatives with $31.5 million from cannabis tax revenue, including $28.3 million granted to service delivery and $3.1 million assigned to “assessment and planning initiatives.” The funds were provided to communities that suffered the consequences of the War on Drugs.
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These grants are part of Illinois’ Restore, Reinvest, and Renew (R3) program. The initiative requires 25% of the marijuana tax revenue to end up in the fund.
This article originally appeared on Benzinga and has been reposted with permission.
