In Illinois, Marijuana Tax Revenue Outpaces Alcohol For The First Time
Illinois cannabis taxes exceeded liquor taxes in the first three months of 2021, according to the state Department of Revenue.
It’s the first time the Prairie State generated more tax revenue from cannabis than alcohol, Marijuana Moment writes.
Marijuana tax revenue amounted to $86,537,000 in the last quarter versus $72,281,000 from alcohol sales.
Moreover, Illinois has been reporting record-breaking cannabis sales for months now.
February marked the first instance that cannabis sales in Illinois surpassed liquor sales.
March sales of $109,149,355 represented a month-over-month jump of more than $28 million.
Illinois could generate over $1 billion in adult-use marijuana sales this year, which will result in considerable tax revenue, the Marijuana Moment report said.
Earlier this year, the state put aside a chunk of cannabis tax money, some $31.5 million, to support social justice initiatives to help those who suffered the consequences of the war on drugs.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.