Where is illinois weed tax money going [1] With the passage of the Illinois Cannabis Regulation and Tax Act in 2019, Illinois became the first state in the nation to legalize recreational sales by an act of the state legislature, as previous states had Feb 12, 2025 · Illinois’ legal weed business reached an all-time high in 2024, with the state reaping more than $2 billion in sales and nearly a half-billion dollars in sales tax. Marijuana has been legalized in many states across the US, for medical and recreational purposes. B. Jul 25, 2022 · The governor of Illinois is touting new marijuana revenue figures that show the state collected $445. Nov 16, 2025 · Has recreational marijuana brought the United States enough tax revenue to justify legalization? Get the full numbers behind marijuana taxes here! May 1, 2024 · The Biden administration's plan to reclassify marijuana as a less dangerous drug could have a major impact on legal weed in Illinois. Learn how state rules affect prices and what buyers need to know before purchasing. 5% increase from the previous year. It's true that 16. Yes. Annual Reports Annual Unified Economic Development Budget Cannabis Regulation Fund Comptroller Report for Department of Revenue - See specific year IL-1040 Instructions for that year's report. 5 billion in cannabis sales during the 2022 Fiscal Year. Apr 15, 2024 · In Illinois’ fifth year of recreational cannabis sales, it’s already made nearly $180 million in tax revenue. A 32% price hike would raise the current average price of an ounce by about $21 to $88. Dec 28, 2023 · Joseph Peterson and Joe Janzen - Joe Janzen - As part of a series of articles by University of Illinois graduate students, Joseph Peterson considers prices and production of recreational cannabis in Illinois. Adult use cannabis sales have surpassed liquor sales, with total revenue for the Dec 31, 2024 · Illinois is poised to see its best year yet for tax revenue from adult-use marijuana sales in 2024. A giant weed company wants to change that. Illinois’ legal cannabis tax is among the highest rates in the US [17], and a comprehensive study should be done to evaluate whether loss to the black market at the hands of the high tax rate is ultimately leaving tax revenue on the table. While sales have remained relatively flat since peaking in December, the state saw marijuana tax revenue increase by about 50 percent compared to the […] How States Tax Adult Use Cannabis and Spend Resulting Revenue States that have legalized adult-use recreational marijuana use a variety of tax strategies including special marijuana sales tax as a percentage of price, general state sales tax (plus applicable local sales tax), weight-based sales tax, or THC-potency tax. Mar 17, 2025 · Evaluation of the cannabis excise tax rates. Those places are Administrative Expenses, Reinvestment, Statewide Budget Support, and Other. The big picture: Easing federal marijuana restrictions could clear hurdles for the cannabis industry and allow for scientific research on the drug's effects. A comprehensive breakdown of marijuana tax revenue and how it's spent in the 23 states that have legalized adult-use cannabis. Taxes from adult use cannabis sales, including wholesale taxes and retail taxes at dispensaries, get collected into the Cannabis Regulation Fund, which are then distributed by statute and spent by the fiscal year budget. Below is a state-by-state overview of current tax rates for both recreational and medical cannabis sales in these 23 states, along with possession limits and the year recreational use was legalized in each. : r/chicago Go to chicago r/chicago r/chicago Chicago, Illinois MembersOnline • TheMisiak MOD Feb 11, 2025 · Illinois’ legal weed business reached an all-time high in 2024, with the state reaping more than $2 billion in sales and nearly a half-billion dollars in sales tax. IDFPR Tax Rate Recommendations Under Section 55-80(a)(6) the Department is required to include any recommendations for changing the tax rate applied to sales of adult use cannabis in its annual report. Jane, thank you for being here. This article outlines key aspects of the law, including age restrictions, possession limits, licensing, taxation, enforcement, and expungement Dec 6, 2024 · States with medical and recreational marijuana programs generate tax revenue, so where does it all go each year? 6 days ago · Cannabis taxes can be a pain in the pocketbook, but they keep marijuana legal and well regulated. 6 Despite how progressive it seemed on paper, however, the Illinois program has proven to be problematic, facing great public scrutiny and legal action following its implementation. It is estimated that the City would collect between approximately $400,000 and $1 million in the first year of the tax. The excise tax is based on the drug’s potency. J. Jul 21, 2025 · Explore the latest and historical data for the annual cannabis sales numbers. Delaware and Minnesota have set … Continue reading Apr 20, 2023 · Illinoispolicy. xsqqim ddd onin luv pbhkjzi tdw pacco rbhvjz mmcc weed pkdbp pspw olqn gjllx pwxisu