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WQAD.com

Recreational weed sales net $10M in tax revenue in 1st month

Illinois officials estimate that as the industry matures, marijuana sales will grow to $127 million in fiscal year 2021.

SPRINGFIELD, Ill. — In just the first month of legalized recreational marijuana in Illinois, cannabis tax generated $7.3 million in revenue. 

The Illinois Department of Revenue says an additional $3.1 million was generated in retail sales tax revenue.

Dispensaries across the state sold nearly $40 million in recreational pot in January.

In his fiscal year 2021 budget released last week, Gov. J.B. Pritzker projected marijuana sales would generate $28 million in cannabis tax revenue for the remainder of fiscal year 2020, which ends June 30.

Illinois officials estimate that as the industry matures, marijuana sales will grow to $127 million in fiscal year 2021.

This is a report from the AP.

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