Gov. Pritzker Announces Record-Breaking $445 Million in FY 2022 Adult-Use Cannabis Tax Revenue

Lawndale News Chicago's Bilingual Newspaper - Business

Governor JB Pritzker announced that the State of Illinois has seen a 50 percent increase in total tax reported from adult-use cannabis, from $297.7 million in fiscal year 2021 to $445.3 million in fiscal year 2022. Total adult-use cannabis sales also rose 50 increase, increasing from $1 billion to $1.5 billion, respectively. Cannabis tax disbursements to local governments saw a significant jump from fiscal year 2021 to fiscal year 2022, increasing 77 percent from $82.8 million to $146.2 million. Under Illinois’ adult-use cannabis law, 25 percent of tax revenue generated from cannabis sales must support communities that are economically distressed, experience high rates of violence, and have been disproportionately impacted by drug criminalization. To date, the State has awarded $113.5 million in grants, using funds generated from taxes on adult-use cannabis sales to support and invest underserved communities through Illinois Criminal Justice Information Authority’s Restore, Reinvest, and Renew (R3) Program. Created by Illinois’ historic cannabis legalization law, the R3 Program is designed to help communities with issues of gun violence, child poverty, unemployment, and imprisonment by providing funding from the taxes of adult-use cannabis sales. For more information on the adult-use legal cannabis industry, visit https://www2.illinois.gov/cannabis/Pages/default.aspx.

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