Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

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 ...