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Pritzker Administration Announces Third Consecutive Year of Record-Setting Growth for Adult Use Cannabis Sales

Troy began collecting its municipal tax on cannabis in September

By Josh Jones
Times Tribune Editor
jljones@timestribunenews.com

The Illinois Department of Financial and Professional Regulation (IDFPR) announced on Thursday, Jan. 11 that adult use cannabis sales set a new annual record in 2023, exceeding $1.6 billion. Records were also set in sales to in-state residents and the number of items sold, with that total increasing more than 15% compared to 2022. Sales taxes collected at Illinois adult use cannabis dispensaries totaled $417.6 million in 2023, per the Illinois Department of Revenue.

“From day one, my administration has put equity first to build the most accessible cannabis industry in the nation,” said Governor JB Pritzker in a news release. “Our work will continue to repair past harm while providing opportunities for communities across the state and creating a more prosperous future.”

According to Times Tribune archives, The Green Temple Cannabis Dispensary opened in June 2023. Troy City Administrator Jay Keeven said as of the end of December in Fiscal Year 2024, which began May 1, 2023, Troy has received $10,896.83 in Cannabis Use Tax plus $15,149.45 in Cannabis Municipal Tax.

“The Municipal Tax is new and we just began collecting it in September of 2023,” Keeven said. “We estimate total Troy revenue for cannabis tax to be approximately $9,000 per month, which would translate to $108,000 for calendar year 2024.”

Keeven said that currently the funds were  used for the hiring of an additional officer at the Troy Police Department.

“The police department has recently brought on an additional officer,” Keeven said.  “The Mayor has directed me to earmark the cannabis funds to cover the costs for hiring this officer.”

In total, 42,124,741 items were sold in Illinois adult use cannabis dispensaries in 2023. In addition, Illinois resident sales totaled $1,226,855,768.68, which represents an increase of more than 14% from 2022 and is also higher than the growth experienced in the previous year. This included a new record for sales in a month, as December’s sales totaled almost $154 million, exceeding the previous record of December 2022 by more than $10 million. As additional states join Illinois in legalizing adult use cannabis, sales to out-of-state residents totaled $408,126,252.05 in 2023, a decrease of 14%.

“These statistics show encouraging progress that is a testament to the hard work by the Pritzker Administration, lawmakers, and stakeholders in ensuring we create a process that’s accessible to everyone, no matter their gender, race, or where in Illinois they call home,” said IDFPR Secretary Mario Treto, Jr. “I’m proud of the simplified application process we’ve created to ensure an inclusive cannabis industry and look forward to welcoming even more professionals to the most equitable industry in the country.”

There are currently 177 adult use cannabis dispensaries in Illinois, including 67 social equity dispensaries that have opened their doors. One hundred thirty-three applicants selected in the 2022 social equity lotteries are still in the process of receiving their full dispensary licenses from IDFPR, as are 55 applicants selected in the Social Equity Criteria Lottery (“SECL”) in July 2023. The Department will continue to issue full adult use cannabis dispensary licenses as applicants continue to meet the final licensing criteria. Dispensaries may begin adult use cannabis sales once they receive their full license from IDFPR.

1 Comment

  1. Anonymous on January 17, 2024 at 6:07 pm

    WooHoo – let’s smoke our way back to prosperity!!!

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