Often asked: How Much Did Illinois Make Off Weed?

How much money did Illinois make from recreational weed?

In all, Illinois has now racked up $1,064,750,968 in recreational cannabis sales since legalization took place. Of those sales, nearly $777 million were made to in-state residents, according to the Department of Revenue.

How much did Chicago make in weed sales?

Illinois nets more than $582M in revenue from recreational marijuana sales in 2020. CHICAGO (WREX) — Illinois brought in more than $582 million in revenue in the first year of legalized marijuana. From January through November, the state reported a total of $582,226,511.45 of revenue from adult-use cannabis.

How much weed was sold in Illinois?

Recreational marijuana sales in Illinois set another record in May with more than $116 million of weed sold, the Illinois Department of Financial and Professional Regulation reported Wednesday. That tops last month’s record by $1.4 million, and is up 163% from May 2020.

How much is the weed tax in Illinois?

How is it taxed and where does the money go? Illinois’ recreational cannabis tax rates are among the highest in the country. It includes a 7% wholesale tax, a retail excise tax of 15%, 20% or 25% depending on the product’s THC level, the state’s 6.25% sales tax and the local sales tax rate paid by all retailers.

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How much is a dispensary license in Illinois?

The Cannabis Regulation and Tax Act (410 ILCS 705/1-999) legalizes and regulates the recreational use and commercial sale of marijuana. The licensing costs for starting a new dispensary are: $5000 application fee (non-refundable) $60,000 licensing fee for a two-year license.

What is the Illinois tax rate?

Illinois’ sales tax rate is 6.25 percent on general merchandise and 1 percent on qualifying foods, drugs, and medical appliances. The tax rate may be higher in some areas because some local jurisdictions are allowed to impose their own taxes.

How much did Illinois make on weed the first day?

First day of legal recreational marijuana sales in Illinois generates $3.2 million. CHICAGO – Illinois’ first day of legal recreational marijuana generated nearly $3.2 million in sales, state officials announced Thursday.

Is weed legal in Illinois?

Weed is legal for personal use in Illinois as of January 1, 2020. There are many rules and restrictions about its use.

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