The governor of Illinois is touting the state’s record-setting $2 billion in marijuana gross sales in 2024, applauding the “thriving” business whereas criticizing the “proliferation of the unregulated intoxicating hemp market.”
Of the $2 billion, a file $1.722 billion got here from adult-use hashish gross sales. That’s greater than double the primary yr of gross sales following the market launch in 2020. And final yr’s complete translated into over $490 million in marijuana tax income for the state.
“The numbers are clear: five years after we legalized adult use cannabis in Illinois, we’re seeing the economic impact of a thriving cannabis industry,” Gov. J.B. Pritzker (D) stated on Thursday.
He added that “our first-in-the-nation equity-focused cannabis industry is the result of my administration’s policies, which prioritized repairing the damage done by the failed War on Drugs, creating more good-paying jobs, and building a safe, equitable, and prosperous business sector—making Illinois by far the national leader in diverse ownership for this industry.”
But the governor stated whereas he’s “pleased with the continued success of cannabis sales and revenues in Illinois, the market is being undermined by the proliferation of the unregulated intoxicating hemp market.”
“Licensed cannabis businesses comply with strict state regulations, pay significant taxes, and undergo rigorous product testing,” he stated. “This unchecked market not only undercuts legal operators but also puts consumers at risk by flooding the industry with untested, potentially unsafe products.”
Pritzker has been vocal about his considerations over the unregulated hemp market, and he stated final month that he was “tremendously disappointed” that a bill to impose restrictions on the sale of intoxicating hemp products that he advocated for stalled out within the legislature.
Lt. Governor Juliana Stratton (D) added that that “continued success of adult use cannabis sales highlights how equity-focused policies can create meaningful change.”
“These sales allow us to reinvest in communities disproportionately impacted by the war on drugs, fostering growth and creating pathways to a more inclusive and prosperous Illinois,” she stated.
Meanwhile, a repot from the state Cannabis Regulation Oversight Office that was launched late final yr detailed how 2024 saw the single-largest expansion of stores since Illinois started opening medical marijuana dispensaries, with 82 new retailers opening for enterprise—lots of that are owned by social fairness licensees.
“As additional dispensaries open their doors, that increased competition leads to increased availability of product and better prices for consumers—just as we anticipated,” Cannabis Regulation Oversight Officer Erin Johnson stated on Thursday. “We look forward to the continued growth and success of Illinois’ cannabis industry, leading to further economic development and public awareness and support for responsible consumption.”
Separately in Illinois, the state Supreme Court in September dominated that the odor of burnt marijuana alone cannot be lawfully used by police as probable cause to conduct a warrantless automobile search.
Last summer time, officers additionally introduced the award of $35 million in grants to 88 native organizations, utilizing funds generated from taxes on adult-use marijuana sales to support community reinvestment efforts. Since launching this system, Illinois has awarded over $244 million in marijuana revenue-funded grants to that end.
The governor has regularly joked about the truth that Illinois is benefiting from the dearth of authorized entry in surrounding states. Going again to his State of the State handle in 2020, he stated out-of-state dollars will end up coming to Illinois and paying taxes for cannabis products that bolster the state’s coffers.
Separately, state senators final yr took up a invoice that will have legalized psilocybin and allowed regulated access through service centers, the place adults might use the drug in a supervised setting.
Arkansas Senate Passes Bill To Use Medical Marijuana Revenue To Fund Free Breakfasts For Students
Photo courtesy of Mike Latimer.
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