Illinois’ FY2022 cannabis tax revenues total $800M
The Illinois Department of Financial & Professional Regulation (IDFPR) released its Annual Cannabis Report for fiscal year 2022, which also included the Prairie State’s total cannabis tax revenues generated from taxation, licensing, and other fees for the State, as well as other dispensary information.
As seen in the cover chart, Illinois’ cannabis purchaser excise tax collected $435,105,007.88 in fiscal year 2022. That was nearly a 60% increase from 2021 totals of $293,862,839.67. In 2020, Illinois collected a fraction of that at $49,460,287.70. For the past three years, Illinois has totaled $778,428,135.25 from the cannabis purchaser excise tax alone.
In addition, Illinois adult use sales tax collected slightly less than $350,000,000 in 2022. In 2021, Illinois collected around $150,000,000 in adult use sales tax. In 2020, Illinois collected a little more than $10,000,000. That is nearly a 350% increase in three years.
Which cannabis products are consumers purchasing? According to the graph included in the report (below), consumers by far preferred usable cannabis, purchasing around $750,000,000 worth in 2022. That was an increase from 2021 totals of around $500,000,000 and 2020 totals of around $100,000,000.
The next most popular product was extracts. Consumers purchased nearly $500,000,000 worth of extracts in 2022. That was an increase from 2021 totals of around $350,000,000 and 2020 totals of a little more than $100,000,000.
Infused edibles followed flower and extracts as the third most popular product in Illinois. Consumers purchased more than $200,000,000 worth of edibles in 2022. Consumers purchased around $175,000,000 in 2021 and around $70,000,000 in 2020.
The annual report also broke down total adult-use revenue from dispensing organizations by county. Find the total number of revenues received from dispensing organizations in the graph below. Suburban Cook County collected the most revenue in 2022 at around $85,000,000. The southern counties of Illinois combine for the second most revenue at around $65,000,000. The west-central counties of Illinois collected the least revenue of the county breakdown with a little less than $34,000,000.
Illinois total dispensary sales reached $1,504,067,158.95 in fiscal year 2022, $406,882,867.57 in 2021, and $1,196,347,747.49 in 2020. That is $3,107,297,774.01 in total for the last three years. For more Illinois cannabis industry news, visit here.
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