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Daily Tax Report: State

Illinois Expects $1 Billion in Cannabis Revenue Over Five Years

June 25, 2019, 5:19 PM

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...
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