Illinois Nets Over $10M In Cannabis Tax In First Month Of Retail Sales
Less than three months into Illinois’ new legal adult use cannabis market, the state says its tax revenue is already exceeding expectations.
Data released by the Illinois Department of Revenue reveals that Illinois cannabis sales generated more than $10 million in taxes in January 2020, the month when cannabis retailers opened their doors in the state (often leading to very long lines).
The Chicago Sun-Times’ Tom Schuba reported this week that the amount of cannabis tax collected in January, approximately $10.4 million, is more than twice what was predicted per month by Illinois Governor J.B. Pritzker, who previously estimated that Illinois would rake in around $28 million in the first six months of 2020.
– Read the entire article at Forbes.