IL Hits $100 Million in Adult Use Cannabis Tax Revenue

Governor J.B. Pritzker’s Office announced last week that the state had hit $100 million in revenue from the sale of adult use cannabis in the state. The Illinois Department of Revenue says that at least $16 million of the revenue will be heading to county and local governments. Last week, IDOR finalized its September collections and found the state took in $69.7 million through the Cannabis Regulation Fund, and $36.1 million from state and local sales taxes since January 1^st, reflecting the last 8 months of sales.

Under the new law, nearly 50% of revenues collected through the Cannabis Regulation Fund will be either reinvested through the Restore, Reinvest and Renew (R3) Program in communities that have been disproportionately impacted by the justice system or directed to address substance abuse and prevention, and mental health concerns. The program recently announced $31.5…