Amid skyrocketing demand for legal weed in Illinois, statewide tax receipts from recreational pot sales are now rivaling those from booze.
November’s tax revenues from adult-use cannabis, which reflect the record $75.28 million in sales tallied in October, reached nearly $22.88 million, according to figures released by the Illinois Department of Revenue.
That’s less than $3 million shy of the roughly $25.74 million in taxes collected through alcohol sales last month. That’s the smallest deficit since recreational marijuana was legalized in January.
Pot sales have skyrocketed in the 11 months since the drug was fully legalized, resulting in an almost steady increase in monthly returns for the state, according to a Sun-Times analysis. Taxes have pumped nearly $153 million into the state’s cash-strapped coffers, including nearly $100 million in the past five months.
Why have weed sales — and taxes — increased so much?
First of all, state levies on cannabis are far higher than those tacked on the price of booze (not including local or federal taxes).
On pot sales, the state charges a 6.25% sales tax and an excise tax of up to 25%, depending on the amount of mind-altering THC in what’s being sold. [Read more at Chicago Sun-Times]