Biggest Year Ever For Marijuana Tax Revenue In Illinois
You'll never guess how much tax revenue the state of Illinois earned on legal recreational marijuana in 2024 (hint: it's a huge number with lots of zeros).
Illinois Cannabis Tax Revenue For 2024
I'm still in shock that recreational marijuana is legal in Illinois. That's something I thought I would never see in my lifetime. Now, it seems like the laws have been that way forever but in reality, our state just celebrated the fifth anniversary on New Year's Day.
READ MORE: Big Changes Could Be Coming For Cannabis Regulations In Illinois
I still remember back in 2000 how bad the weather was on New Year's Day. Winter brought its worst including snow, cold, wind, and ice. That didn't stop the many residents from standing in line for hours to be one of the first people to take advantage of the new law.
The cannabis industry in Illinois hasn't looked back ever since. Each day, week, month, and year breaks a new record for weed sales. It's probably one of the smartest moves by politicians. There were some bumps in the road along the way but for the most part, it's been a slam dunk. Especially, for a broke state.
The latest numbers were released for 2024 and it just blows my mind. For marijuana tax revenue in Illinois, our state earned over $420 million (see what I did there). That's just for one year. The final totals for December haven't come in yet but in reality, it's probably closer to $450 million.
That doesn't surprise me because the only complaint I really hear about legal weed in Illinois is that the taxes are way too high. I agree with that completely. Hopefully, the money is being spent wisely and helping our state get out of debt.
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Gallery Credit: Stacker