February marijuana sales net state $8 million in taxes
The second month of legal recreational marijuana sales in Illinois generated $5.2 million in marijuana tax revenue.
February, which had 29 days this year, also added $3 million in additional sales taxes from the nearly $35 million spent on marijuana products, according to a monthly report released today by the Illinois Department of Revenue.
Marijuana is taxed based on its potency, ranging from 10% to 25%. Growers also pay a tax.
In January, the first month adult-use recreational marijuana sales were allowed, the state generated more than $10 million in marijuana taxes and sales taxes combined.
State officials announced $35.9 million in marijuana sales in March on Thursday. Dispensaries were allowed to stay open as essential businesses during the pandemic.
Money generated from the marijuana tax will go into multiple coffers.
The state's general fund gets 35%, a community development revitalization program for areas affected by the criminalization of marijuana gets 25%, while 20% goes to substance abuse and mental health programs and 10% goes toward the state's bill backlog.
Local government law enforcement agencies receive 8%, and 2% goes to public education and analysis of marijuana legalization.
The additional sales tax revenue goes into the state's general revenue fund.
The state's new budget estimates $28 million in marijuana tax revenue during the remainder of the current fiscal year, which ends June 30.
State officials called the revenue estimate "conservative."
Next year, the governor's budget team expects $127 million in marijuana tax revenue as more dispensaries open and additional licenses are issued.