Illinois Legal Marijuana Sales Reached $168 Million in July, Year-to-Date Marijuana Tax Revenue Tops $250 Million

The Marijuana Herald - Marijuana news and information

The legal marijuana market in Illinois generated $168 million in sales in July.

This figure is slightly above the $166 million in sales recorded in the previous month and marginally higher than the $166.8 million reported in July 2023, according to the Illinois Department of Financial and Professional Regulation.

Consistent with previous months, about 85% of July’s marijuana sales in Illinois were from recreational consumers, while 15% came from licensed medical marijuana patients. Of the recreational sales, approximately $145 million, around 25% was purchased by out-of-state residents.

The average cost per gram of dried marijuana flower remained steady at $9.20, while the average cost per gram of concentrates was significantly higher at $58.

Year-to-date marijuana sales in Illinois now total approximately $1.2 billion, resulting in around $250 million in tax revenue.

Illinois legalized marijuana in 2019, with stores opening the following year. The law allows residents aged 21 and older to purchase up to 30 grams of dried marijuana, five grams of marijuana concentrates, and up to 500 milligrams of THC in marijuana-infused products. Non-residents are allowed to possess half these amounts.

The tax rate for marijuana ranges from 10% to 25% depending on the product. This is in addition to the state’s 6.25% sales tax, along with local taxes of up to 3.5%.

After covering the costs of running the state’s marijuana program, tax revenue is distributed as follows:

• 35% to the General Revenue Fund
• 25% to the Recover, Reinvest, and Renew (3R) Program
• 20% to mental health services and substance abuse programs
• 10% to pay unpaid bills
• 10% to the Local Government Distributive Fund, for prevention and training for law enforcement
• 2% to public education and safety campaigns

The post Illinois Legal Marijuana Sales Reached $168 Million in July, Year-to-Date Marijuana Tax Revenue Tops $250 Million appeared first on The Marijuana Herald .