Illinois State has broken the monthly cannabis sales record again, with about 2.5 million marijuana commodities purchased in April.
Residents and beyond-the-state-border visitors purchased $114,961,668 worth of recreational cannabis last month. That’s nearly $5 million higher than March’s record, which also broke the past record.
Illinois Citizens contributed $79,909,284 of April’s marijuana sales, while visitors bought $35,052,383 in marijuana sales.
Although it’s easy to attribute the recent figures to the rise in demand due to the 4/20 unofficial holiday, there’s also the case of the sales consistently surging after the state unveiled its recreational measure earlier last year.
In April last year, the state recorded $37,260,497 in marijuana purchases. Based on the Illinois Department of Financial and Professional Regulation, cannabis sales have skyrocketed since then.
If this drift continues, the area could record over $1 billion in recreational cannabis sales this year. This would accrue a significant amount of tax proceeds to the state. Illinois acquired nearly $670 million in marijuana and accumulated $205.4 million from tax returns in 2020, compared to $72,281,000 attained from liquor retail sales.
State officials have underscored that the tax revenue from these sales has been apportioned for proper use. For example, Illinois announced earlier this year that it’s disbursing $31.5 million in loans financed by cannabis tax proceeds to areas disproportionately affected by the Drug war.
The finances will be managed by the Restore, Reinvest and Renew (R3) measure that was launched under the state’s recreational marijuana legalization law. It requires twenty-five percent of cannabis tax revenue to be placed in that grant program and used to offer disadvantaged folks services, including youth development, financial support, legal aid, and community reentry.
Besides awarding new grant loans, the state is also promoting social equity and undoing the harms of marijuana criminalization.