Legal marijuana in Illinois saw “unprecedented growth” in fiscal year 2023, says a new annual report from the state’s Department of Financial and Professional Regulation (IDFPR), with the opening of 28 new retailers and more than $1.5 billion in total retail sales.
Total tax revenue from the industry dropped in fiscal year 2023, however, falling to $420.9 million from a record $435.1 the previous year.
All told, the legal cannabis industry brought in about $451.9 million for the state in fiscal year 2023, which ran from July 1, 2022 to June 30, 2023, according to separate numbers from the Department of Revenue. As in past years, Illinois made significantly more revenue from cannabis than from alcohol, which brought in about $316.3 million during the same period.
“Fiscal Year 2023 saw unprecedented growth in the cannabis market not seen since the start of the medical program in 2015 and adult use cannabis was legalized in 2020,” the new report says. “Looking towards the future and Fiscal Year 2024, IDFPR anticipates continued growth of the regulated market.”
Illinois Department of Financial and Professional Regulation
Over the entire fiscal year, 200 conditional licenses were issued. In December 2022, the department also finalized rules
Read full article on Marijuana Moment
