Illinois cannabis sales grow more than $10M in tax revenue in a month

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SPRINGFIELD, Ill. (WIFR) -- Cannabis sales in Illinois top estimates – generating more than $10 million in cannabis and retail tax revenue in January, according to the Illinois Department of Revenue.

Governor J.B. Pritzker’s recent budget plan put tax revenue estimates at $28 million for the first six months of 2020. If sales continue at this pace, the state will easily top that figure by the end of the fiscal year on June 30.

Minus administrative fees, 45% of the adult-use cannabis tax and sales tax revenue will go back into communities hurt badly by the drug trade. Leaders say the money will help pay for substance abuse and mental health programs.

According to the Department of Revenue, about 35% of the tax revenue will go into the general reserve fund, 10% toward the backlog of unpaid bills, 8% to local governments for crime prevention efforts relating to the cannabis market, and the remaining 2% to the drug treatment fund for public education campaigns and data collection and analysis.