More reefer records hit new highs

Record $21M in tax revenue collected in Oct. as total sales of legal weed top $500M

The sky’s the limit — perhaps Cloud Nine — as Illinois reefer revenues continue to rise. (Shutterstock)

By Ted Cox

Illinois has sold more than $500 million in adult-use cannabis since legalization took effect at the beginning of the year, with about $127 million collected in tax revenue.

The Illinois Department of Revenue reports that the state collected a record $21 million in revenue from recreational marijuana in October, when Illinois was already reporting it had topped $100 million overall.

With revenue collections typically lagging a month behind sales, another record is forecast for this month, as October sales, announced last week by the Illinois Department of Financial and Professional Regulation, again set records across the board. Topping the 1.5 million mark in items sold for the first time in the monthly reports, Illinois dispensaries sold $54.7 million in recreational marijuana to state residents and another $20.6 million to so-called cannabis tourists from out of state, both records, for another record total of $75.3 million for the month. It was the first time in-state sales had topped $50 million, out-of-state has had topped $20 million, and total sales had topped $75 million.

Building on new highs set in September, the sixth straight month of record sales produced the fifth state month of record revenue.

That brought total sales of adult-use cannabis to $507 million since legalization took effect New Year’s Day.

Reefer revenues, however, did not close on liquor taxes. With liquor sales up year to year in the pandemic, the state collected $27.8 million from taxes on alcohol in October, up from the $26.25 million range in August and September, although down from the $29.6 million collected in July.