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Marijuana



ILLINOIS MARIJUANA TAX HAUL DOWN NEARLY 4% FROM PREVIOUS YEAR DESPITE RECORD
SALES

Illinois recreational marijuana sales set a new record in 2023, but sales tax
revenues from the legalized drug declined by almost 4% from 2022 as greater
competition likely drove down prices. Associated Press File Photo/2009
Posted January 11, 2024 1:52 pm
Jake Griffin

 
Illinois recreational marijuana sales set a new record in 2023, but sales tax
revenues from the legalized drug declined by almost 4% from 2022 as greater
competition likely drove down prices. Associated Press File Photo/2009

Sales taxes collected from recreational marijuana purchases in 2023 were down
nearly 4% from the previous years, Illinois Department of Revenue records show.

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ADVERTISING



The state collected more than $417 million last year, down from almost $434
million in 2022, state revenue records show.

That’s despite a report from the Illinois Department of Financial and
Professional Regulation released Thursday that touted record sales of cannabis
in 2023 at $1.6 billion.

Tax rates for recreational marijuana vary in Illinois depending on the potency
of the product. There’s also greater competition in the marketplace these days,
which is likely driving down prices in Illinois.



More than 42.1 million items were sold at dispensaries throughout Illinois in
2023, up 15.6% from 2022, according to IDFPR records.

Illinois residents still make up the lion’s share of recreational marijuana
customers in the state, however the number of out-of-state customers declined
significantly last year as recreational marijuana was legalized in several
border states.

Last year, Illinois residents accounted for $1.2 billion in sales compared to $1
billion in 2022. Out-of-state residents only accounted for $408 million in sales
in 2023, down 14.8% from $479 million in 2022.

Illinois has allowed recreational marijuana sales for four full years now. There
are 177 recreational marijuana dispensaries operating statewide, including 67
considered “social equity dispensaries.”



Social equity dispensaries are intended to provide opportunities and assistance
to people and communities — many with large minority populations — historically
affected by marijuana criminalization. Nearly 200 social equity dispensary
operator applications are still being processed, IDFPR officials stated.

Revenue generated by recreational marijuana is funneled into the state’s general
fund as well as a number of different state programs such as cannabis arrest
expungement and state drug treatment efforts.

In addition to sales tax revenue generated by recreational marijuana last year,
the state also collected nearly $32 million from growers in 2023. That figure is
up slightly from 2022, when the state received $31.1 million, according to IDOR
records.

0

Article Comments



Article Categories
Business Illinois Marijuana News Recreational Marijuana


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