Welcome
Daily Tax Report ®

Marijuana Dealer or Dispensary? How Black Market Roils Tax Plans

Aug. 19, 2019, 10:09 AM

Mike Romasanta, 27, is a self-described “avid smoker.” His epilepsy qualifies him for medical marijuana, but before that practice became legal, he got his weed the old fashioned way: word-of-mouth.

As a Chicago resident, Romasanta is now watching his local cannabis market prepare for legalization at the beginning of 2020. Illinois lawmakers project pot will generate more than $500 million in tax revenue annually within five years, slated for uses ranging from substance-abuse treatment to public safety, with 35% going to the state’s general revenue fund. But how much of that money will appear depends heavily on where people like...

To read the full article log in. To learn more about a subscription click here.