In January 2020, Illinois became the eleventh U.S. state to legalize recreational cannabis. The state sold more than US$3 million worth of weed on the first day and more than US$40 million in the month of January, placing it second behind only California for the highest sales by a state in its first month of legalization.
“The successful launch of the Illinois’ legal cannabis industry represents new opportunities for entrepreneurs and the very communities that have historically been harmed by the failed war on drugs,” Toi Hutchinson, Illinois’s cannabis czar, said in a news release.
Illinois adds a 10 per cent sales tax to cannabis products containing less than 35 per cent THC. Products with THC levels above 35 per cent are taxed at a rate of 25 per cent while edibles are taxed at 20 per cent. Additionally, a seven per cent tax is applied on sales from cannabis growers to dispensaries.