About $31 million from adult-use cannabis taxes is going to nonprofits in Illinois as part of the Restore, Reinvest and Renew, or R3 program, and it’s not all going to Chicago. Cannabis sales for January neared $90 million. Since adult-use sales began in January 2020, nearly $757.9 million in cannabis has been sold. The taxes on that can be more than 40 percent, depending on the potency and whether a local sales tax is added on to the state taxes. For the state’s taxes, the total collected from January 2020 through last month totaled more than $205.4 million. State Rep. LaShawn Ford, D-Chicago, said the money will be very helpful for areas in his district if it’s properly used for economic development, violence prevention, and re-entry programs.

Marijuana Moment, Marijuana Moment, 02/09/2021 09:43:00

Open article: https://www.marijuanamoment.net/illinois-collects-205-million-in-marijuana-taxes-from-first-year-of-legal-sales/