While Illinois reported $455 million in tax revenue from legal weed in the last year, we also have the 2nd highest taxes on recreational marijuana.
The state of Illinois is reporting record tax revenue on legal marijuana, with nearly half a billion dollars in the last year. Illinois consumers pay the second highest taxes in the nation when they buy legal recreational marijuana.
"To be able to get money back from marijuana taxes is bittersweet for a recovering addict like myself," she said. Twenty five percent of Illinois' pot tax goes to non-profit organizations with small budgets in communities designated as socioeconomically disadvantaged. Another 20% of the state's marijuana tax revenue goes to substance abuse, prevention and mental health care programs.
The I-Team found cannabis edibles for sale in Ann Arbor, Michigan for $14. That same product in Los Angeles sold for $23. And in Chicago consumers pay $30 for the same thing.Industry experts like Jeremy Unruh of Verilife Cannabis dispensary said when prices are high, consumers look elsewhere, like on the black market.
The I-Team asked researchers at legal cannabis data center New Frontier Data to compare Illinois' tax rate and sales to other states. They said that cutting Illinois' tax rate in half could win us more tax dollars.
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