IL Rolled Up $10mil in Revenue from Pot in First Month of Sales
Illinois will pass some of its weed profits to local governments in a couple of different ways.
The Land of Lincoln made some serious cash thanks to cannabis sales in January, according to the Illinois Department of Revenue (IDR).
$7,332,058 in cannabis tax revenue.
$3,147,928.29 generated in retail sales tax revenue.
But where will that money go, specifically? Here's what IDR shared.
ALLOCATION OF STATE REVENUE
• Minus administrative costs, the remaining state revenue will be allocated as follows:
o 35% for the General Revenue Fund,
o 25% for the Criminal Justice Information Projects Fund to support the R3 program,
o 20% for the Department of Human Services Community Services Fund to address substance abuse and prevention, and mental health concerns,
o 10% for the Budget Stabilization Fund to pay the backlog of unpaid bills,
o 8% for the Local Government Distributive Fund to support crime prevention programs, training, and interdiction efforts, including detection, enforcement, and prevention efforts, relating to the illegal cannabis market and driving under the influence of cannabis, and
o 2% for the Drug Treatment Fund to fund public education campaigns and to support data collection and analysis of the public health impacts of legalizing the recreational use of cannabis.
Illinois Governor, J.B. Pritzker, says the state should make $127 million dollars in 2021. That's a lot of contact high.
JB Love is ½ of Q98.5's Lil Zim & JB In The Morning, weekday mornings from 5:00 a.m. to 10 a.m. Follow him on Twitter, Instagram.