Illinois could have realized an additional $600 million in revenue from recreational marijuana sales, according to an analysis by the Illinois Policy Institute.
The group said it found a complicated tax system and restrictive licensing has cut into the state’s revenue stream. In 2021, Illinois took in $317 million from cannabis taxes despite the demand for the product due to the pandemic.
Illinois lawmakers had projected in 2019 that revenue could produce $440 million to $676 million in annual tax revenue. The number of dispensary licenses has also been a problem.
“The state of Illinois caps the number of licenses, currently at 110, it’s going to 175, which gives us the lowest number of marijuana businesses per capita of any state with legal marijuana,” Illinois Policy Institute VP for policy Adam Schuster told WAND News.
Recreational marijuana sales began in Illinois in January 2020.
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