According to the Illinois Revenue Department, the state acquired more revenue from cannabis than alcohol in the last quarter, for the first time.
Illinois made nearly $86,537,000 between January and March in recreational cannabis tax returns, compared to the $72,281,000 from alcohol retail sales.
Those with a keen eye for the marijuana market in Illinois state may not be wholly surprised since the jurisdiction has always been showing top-tier retail sales, despite the COVID-19 pandemic. Adults spent more than $109,149,355 during March in recreational marijuana products- the biggest monthly retail sales since sellers set up shop.
Cannabis revenues started outpacing alcohol during February, and the trend continued into March.
If the trend remains consistent, Illinois could acquire over $1 billion in recreational cannabis this year. In 2020, the territory sold nearly $670 million in marijuana and accumulated $205.4 billion in tax proceeds.
Representatives have underscored that tax proceeds from these sales are being apportioned for proper use. For instance, the jurisdiction announced two months ago that it’s disbursing $31.5 million in incentives financed by cannabis tax proceeds to areas that have been adversely affected by the fruitless Drug War.
The finances are a portion of the R3 (Restore, Reinvest and Renew) program launched under the state’s adult-use marijuana legalization regulation. It calls for 25% of marijuana tax returns to be incorporated in that grant fund and allocated for services, such as financial services, youth development, community reentry, and legal aid, for disadvantaged folks.
Apart from the grant funds, Illinois is doing more to foster social equity and repair the wrongs of marijuana prohibition. Late last year, Governor J.B Pritzker said that his administration had processed over 500,000 pardons and expungements for individuals with minor marijuana misdemeanors.
Additionally, an Illinois-sponsored measure was recently launched to assist inhabitants with Cannabis felonies access legal help and other amenities to expunge their records.