Marijuana tax revenue approaches $20M a month

Marijuana tax revenue approaches M a month

Illinois’ recreational marijuana tax revenue is accelerating as it approaches $20 million a month. The Illinois Department of Revenue has released the latest figures for August tax collections this week. The stats revealed the state collected $19.2 million in taxes just for adult-use cannabis.

The August-sales stats were expected as Illinois set a record for sales of legalized pot in July. The actual revenue collections lagged by a month. The new monthly record was only getting higher. In July, a record of $14 million was collected through marijuana sales. The July-record topped the previous record of $12 million set in June.

The first six months of legalization of marijuana set tax collections at $34.3 million that obliterated the budgeted estimate of $28 million. In only two months (July & August), the state collected $33.2 million-almost as much as the first six months.

Illinois collected $26.3 million in liquor taxes in August that shows how fast recreational cannabis is booming. It was expected that the Illinois Department of Financial and Professional Regulation would release August sales figures any day. The projection shows that Illinois is set for another record revenue collection for adult-use cannabis taxes in September.

Related Posts
Taxpayers paid more than $22 billion to help retention of 2.1 million jobs
Small Business Administration's newly released data reveals that taxpayers paid more than $22 billion to
Even tax paying Immigrants boxed out from CARES Act benefits
Jackie Vimo of the National Immigration Law Center is fighting for the rights of the
False tax return charges filed against Riverton man
Jason Hines, a 47-year old Riverton man, has been indicted by a federal jury on
Tax Flight: Reality versus Myth
The forces fighting against the fair tax advocated by Gov. Pritzker are saying that the
New Form W-4 creates a lot of confusions
The IRS has released the renewed version of Form W-4. The changes made in the
Rich will pay more under Pritzker fair tax
The Illinois Policy Institute is out and it has some news for the rich people.
Recreational Cannabis vendors will pay tax in Bridgeview
There is not any vendor which sells the recreational marijuana in Bridgeview but the village
Supreme Court Judge receives homeowners exemption on a wrong home
A property list has a name of Judge Neville’s mother as an owner of a
Netherlands to cut down tourism?
It looks like Netherlands have had enough of the tourism boom. They say that the
Group to help Chicago clear pot arrests during legalization
A nonprofit with the technology to analyze criminal records nearly automatically will help the county