Illinois could generate over $1 billion in adult-use marijuana sales in 2021, resulting in substantial tax revenue.
By Jelena Martinovic
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.
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.
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.
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