Bloomberg Tax
June 25, 2019, 5:19 PM

Illinois Expects $1 Billion in Cannabis Revenue Over Five Years

Michael J. Bologna
Michael J. Bologna
Staff Correspondent

Gov. J.B. Pritzker made Illinois the 11th state to legalize recreational marijuana, signing legislation June 25 expected to drive more than $1 billion in cannabis excise taxes, sales taxes, and licensing fees into state coffers over the next five years.

  • Pritzker put his signature on H.B. 1438, which decriminalizes previous state criminal statutes and permits the purchase and possession of cannabis by those 21 and older beginning Jan. 1, 2020.
  • The Illinois Department of Revenue estimates new licensing fees and taxes will generate more than $57 million in tax revenue and licensing fees in fiscal year 2020. Tax revenue ...