The state’s collections since early 2020 now outpace that raised from booze sales. The money has been used on everything from buying an opioid reversal drug to funding a Girl Scouts program to fight human trafficking. First-time recreational cannabis buyers often feel the sticker shock. With hefty taxes, an eighth of an ounce of fresh cannabis flower typically costs around $80 — far more than the price of black-market weed. But sales have continued to boom despite the sky-high taxes and prices, totaling over $1.9 billion since the drug was fully legalized last January. As a result, total tax collections on pot sales have now jumped to nearly $563 million. And since February, pot sales have brought in a whopping $100 million more in taxes than booze. Nearly a quarter-billion dollars has been raised on pot sales through November mainly via the state’s 6.25% sales tax and other local taxes, according to Gov. J.B. Pritzker’s office. Pritzker spokeswoman Charity Greene couldn’t provide a breakdown of those revenues. However, the bulk of the state’s weed windfall, $319 million, comes from an additional excise tax of up to 25% per purchase, depending on the product.

Cannabis Business Executive – Cannabis and Marijuana industry news, 12/08/2021 09:50:00

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