What Is The Tax On Weed In Illinois? (Solution)

Adult use cannabis: Adult use cannabis is subject to the 6.25% State Retailers’ Occupation Tax as well as local retailers’ occupation taxes in the same manner as other general merchandise.

What is the law on cannabis in Illinois?

  • Marijuana possession, sale, and manufacture are regulated by both state and federal law. In Illinois, marijuana use, possession, and manufacture is criminalized under the Cannabis Control Act. While not covered in this article, it is also a crime to drive under the influence of marijuana in Illinois.

How much is tax for weed in Illinois?

10% tax will apply to cannabis flower or products with less than 35% THC. 20% tax will apply to products infused with cannabis, such as edible products. 25% tax will apply to any product with a THC concentration higher than 35%

What is Illinois doing with weed tax money?

It requires 25 percent of marijuana tax dollars to be put in that fund and used to provide disadvantaged people with services such as legal aid, youth development, community reentry and financial support.

How much money did il make on weed?

In all, Illinois has now racked up $1,064,750,968 in recreational cannabis sales since legalization took place. Of those sales, nearly $777 million were made to in-state residents, according to the Department of Revenue.

Is weed legal in Illinois?

PEORIA — When recreational marijuana sales became legal on Jan. 1, 2020, Illinois became the 11th state to allow people to use pot legally. The law approved by Gov. JB Pritzker permits the growing, use and sale of small amounts of pot under the Cannabis Regulation and Tax Act.

You might be interested:  Which of the following provides law enforcement services to federally owned and leased buildings?

How much did Chicago make in weed sales?

CHICAGO (AP) — Illinois dispensaries sold a record $127.8 million in recreational marijuana in July, with a big boost coming from out-of-state fans who converged on Chicago for the Lollapalooza music festival.

Is weed legal in Illinois age?

Anyone 21 years old or older can buy weed in Illinois.

Is weed legal in Chicago Illinois?

In Chicago (and the entire state of Illinois), you must be 21 or older and have a valid ID to legally possess, purchase and consume cannabis products. It’s possible for anyone 18 or older to obtain a medical cannabis card, but you must have doctor attest that you have a qualifying condition.

Leave a Reply

Your email address will not be published. Required fields are marked *