Categories: Chicago

Marijuana tax revenue approaches $20M 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.

Recent Posts

Senate Democrats mock Biden for selling weapons to Israel

Some of President Biden's strongest Senate allies are calling on Israelis to end months of fierce fighting and criticizing the…

10 months ago

The biggest cities in Ukraine are struck by Russian missiles, leaving at least 4 dead and over 100 injured

Ukraine's KYIV — At least four people were killed and nearly 100 injured when Russian hypersonic ballistic missiles attacked Ukraine's…

10 months ago

Good News That’s Much Needed for Biden

The economy is making Americans feel a little more upbeat, especially when it comes to jobs and incomes, which could…

11 months ago

College Ventilation System Reveals Missing Man

The discovery of a decaying body inside a college ventilation system marked the tragic and unexplained end to a missing…

11 months ago

Following three Palestinian shots, a Vermont man was arrested

Following the shooting deaths of three 20-year-old Palestinian-American students in Vermont, authorities have detained a man. According to a news…

11 months ago

China is told to cease “COVID deception” due to the pneumonia outbreak by the US envoy

The United States ambassador to Japan, Rahm Emanuel, urged Chinese authorities "to abandon COVID deception" and demanded that China be…

12 months ago

This website uses cookies.