“We get almost a third of our revenue from the cannabis industry from people who come to Illinois and spend money in dispensaries.”
The Center Square by Andrew Hensel
Illinois residents pay 89 percent higher than the rest the country for cannabis. However, Gov. J.B. Pritzker, (D), says that the state is following the correct procedure.
Illinoisans will be able to purchase recreational marijuana starting in 2020. Since then, Illinoisans are paying more than other states that have legalized cannabis.
According to an analysis by the Illinois Policy Institute (IPI), cannabis users in the U.S. pay on average 89 percent higher for their products.
Pritzker, when asked about prices, said that the state makes money.
Pritzker said to The Center Square, “We have a growing sector, which, as you may know, I started in 2019. It has generated almost $450 millions for state and local governments.” “We want all industries to grow.”
Missouri and Michigan both have legalized marijuana. Pritzker is not concerned that Missouri and Michigan could take business away from the state.
Pritzker stated that “we are getting nearly a third of our revenue from the cannabis sector from people who come to Illinois and spend money in dispensaries.”
Illinois, according to the report is the third largest cannabis market in the U.S. behind Michigan and California.
Illinois law mandates that all cannabis-infused products will be taxed 20 percent of their purchase price. Tax rates increase with product potency and can reach 40 percent when local governments add an extra 3 percent tax.
This article was originally published by The Center Square.
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