Illinois Nets $417M From 2023 Cannabis Tax Revenue

Illinois earned $416 million in tax revenue last year from the state’s legal cannabis program after licensed retailers sold a record $1.6 billion worth of cannabis products.

Full story after the jump.

Adult-use cannabis retailers in Illinois sold a record $1.6 billion worth of cannabis products in 2023, which generated $416 million in tax revenue for the state, according to data from the Illinois Department of Financial and Professional Regulation (IDFPR).

“From day one, my administration has put equity first to build the most accessible cannabis industry in the nation. Our work will continue to repair past harm while providing opportunities for communities across the state and creating a more prosperous future.” — Gov. JB Pritzker (D), in a press release

Officials also noted that the sales record coincides with a year-over-year decline in out-of-state sales. In total, about $1.2 billion worth of cannabis products were sold last year to Illinois residents, which is a 14% increase from 2022 and is also higher than the growth of resident sales experienced in 2021, the report said.

“These statistics show encouraging progress that is a testament to the hard work by the Pritzker Administration, lawmakers, and stakeholders in ensuring we create a process that’s accessible to everyone, no matter their gender, race, or where in Illinois they call home,” said IDFPR Secretary Mario Treto, Jr. -“I’m proud of the simplified application process we’ve created to ensure an inclusive cannabis industry and look forward to welcoming even more professionals to the most equitable industry in the country.”

Currently, 177 adult-use cannabis dispensaries, including 67 social equity licensees, have opened for business in Illinois.

A report last year noted that in 2022, Illinois made $36 million in tax revenue off people from Wisconsin — where cannabis remains fully prohibited — who traveled to Illinois to participate in the state’s legal cannabis industry, according to a report.

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