Marijuana sales and tax revenues in Illinois jumped 50% in the past year

Recreational marijuana sales and tax revenue due in Illinois both shot up 50% in the past fiscal year, the state reported.

Licensed state dealers generated $445 million in taxes due from about $1.5 billion in cannabis sales in the year ending June 30.

Weed taxes due to local governments also saw a significant jump, increasing 77%, from $83 million to $146 million.

Gov. J.B. Pritzker issued a statement that a significant part of the money will be “reinvested in communities that have suffered for decades.”

By state law, 25% of taxes from cannabis sales go to areas that are poor, violent, or have high rates of drug arrests.

So far, Illinois has awarded $113 million in cannabis grants to help underserved communities with programs such as violence prevention and mental health, through the Restore, Reinvest, and Renew (R3) Program.

Monthly cannabis sales in the state have seen a slight decline in the past two months, but remain significantly higher than last year, and generally have climbed steadily since legalization took effect in 2020.

With the state awarding preliminary licenses for 149 new recreational dispensaries Friday, after many delays, sales are likely to continue increasing.

By comparison, the state’s medical cannabis program, which began in 2015, has leveled off, with retail sales of $180 million so far this calendar year.

Despite increased sales nationwide, large weed companies’ stock prices plunged over the past year as they faced various financial and regulatory issues and continued federal criminalization of cannabis.

rmccoppin@chicagotribune.com