A Look at Illinois’ Cannabis Sales and Tax Allocation: Where Are The Greens Going?
In May 2024, the Illinois Department of Financial and Professional Regulation noted a significant increase in adult-use cannabis sales, amounting to $144.5 million – a 9.5% rise from April 2023’s $132 million. However, sales experienced a slight decline from March’s $148.9 million by 2.93%.
Despite these fluctuations, the fiscal year 2024 has already seen the state amassing over $230 million in cannabis-related taxes. The question now is: How is Illinois using these funds?
Strategic Allocation Of Cannabis Taxes: Community Reinvestment
As ordered by the state’s cannabis law, tax revenue from cannabis is being reinvested through social equity programs, the most relevant one is known as R3: Restore, Reinvest, and Renew. According to the latest statistics, this initiative has channeled $94.3 million toward communities in Illinois adversely affected by violence, excessive incarceration and economic disinvestment.
In what is normally a measure of fiscal prudence undertaken by many States, Illinois has allocated the …