How much is recreational weed tax in Illinois?
Illinois collected $26.2 million in liquor tax revenue for the same month. Recreational marijuana is taxed at multiple layers, including a 7% wholesale tax, a retail cannabis excise tax of 10%, 20%, or 25%, depending on the THC concentration, a 6.25% state sales tax and a variety of local taxes.
How much weed is sold a year?
Illicit cannabis sales are estimated to be more than $100 billion each year. The legal industry is catching up, albeit slowly. By 2026, BDSA predicts the legal U.S. cannabis market will reach $41 billion in annual sales, roughly the size of the craft beer industry.
What is Illinois doing with weed tax money?
Officials have emphasized that the tax dollars from all of these sales are being put to good use. For example, the state announced in January that it is distributing $31.5 million in grants funded by marijuana tax dollars to communities that have been disproportionately impacted by the war on drugs.
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.
How much money does Illinois make off of weed?
Last year, Illinois sold $670 million worth of marijuana-related products within state lines, pulling in about $205 million in total tax revenue.
How much money has Weed made Illinois?
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.
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.