Pritzker: $100 Million Milestone in Cannabis Revenue Collected, At Least $16 Million Going to Local Governments

https://ift.tt/3dpzbAB

SPRINGFIELD – Following the legalization of adult-use cannabis on January 1, 2020, the Illinois Department of Revenue (IDOR) has collected over $100 million in tax revenue connected to adult-use cannabis sales. Last week, IDOR finalized its September collections and found the state took in $69.7 million through the Cannabis Regulation Fund, and $36.1 million from state and local sales taxes since January 1, 2020. September collections reflect August sales, meaning this activity took place over 8 months.

“Thanks to those who have carefully overseen this brand-new industry’s successful launch in Illinois, revenue is flowing to local governments, to drug treatment programs and law enforcement, and being reinvested in our communities hit hardest by the failed policies of the past,” said IDOR Director David Harris.

Under the new law, nearly 50% of revenues collected through the Cannabis Regulation Fund will be either reinvested through the Restore, Reinvest and Renew (R3) Program in communities that have been disproportionately impacted by the justice system or directed to address substance abuse and prevention, and mental health concerns. The innovative R3 program recently announced $31.5 million in grant opportunities to organizations working in historically underserved communities across Illinois.

IDOR also announced that of the $105.9 million collected, at least $16.1 million will be directed to county and local governments with more on the way. Beginning July 1st, counties and local governments could begin imposing an additional levy on adult-use cannabis sales occurring under their jurisdiction. Once certified, IDOR will begin distributing this additional funding on a monthly basis to local governments; the first distribution, based on July sales, is expected to total nearly $3 million.

Like RiverBender.com on Facebook!

Print Version

Submit a News Tip

Region: Metro East,City: Alton,News

via RiverBender.com News https://ift.tt/1eKjjEE

October 13, 2020 at 03:49PM

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s