The first six months of recreational marijuana sales in Illinois produced some stellar profits. The state saw $52 million during this time according to the governor’s office.
Illinois Gov. JB Pritzker said the $52 million makes up the industry’s tax revenue for the first half of the year. The Governor has promised to reinvest that money in local communities.
Under the state’s Cannabis Regulation and Tax Act, 25% of tax revenues brought in by recreational cannabis sales will be spent to combat substance abuse, mental health issues and crime prevention, according to the governor’s office.
The state charges a variety of taxes on marijuana depending on the amount of THC, the ingredient that gets you high. Tax ranges from 10% – 20% at retail locations.
Consumers have purchased more than $239 million in marijuana during the first six months of legalization, according to the release.
“Illinois has done more to put justice and equity at the forefront of this industry than any other state in the nation, and we’re ensuring that communities that have been hurt by the war on drugs have the opportunity to participate,” Pritzker stated.
“A portion of every dollar spent will be reinvested in communities that have suffered from decades of disinvestment,” Pritzker said.
Sales of recreational marijuana in the state started on January 1st.