420 with CNW — Study Finds Illinois Was Fifth-Top Cannabis Tax Earner in 2020

study that was carried out recently found that in 2020 the state of Illinois generated $175 million in cannabis sales tax, which is the fifth-highest amount in the country. This amount makes up 0.4% of the state’s total 2020 revenue.

At the moment, 16 states across the nation have now fully legalized cannabis, with 11 of these imposing retail sales taxes on cannabis and cannabis products. The study, which was released by the U.S. Drug Test Centers, also found that youth and adult usage of cannabis grew in the past year.

The state of Illinois had initially awarded 75 cannabis dispensary licenses last year. However, current published reports show that a proposed legislation that would afford minorities as well as the poor a chance to enter the cannabis industry since they were excluded in the initial round and that would double the number of licenses, may soon be introduced.

Last month, State. Rep. La Shawn Ford got together with a group of minority marijuana applicants and announced plans for a measure that would establish nearly 115 new cannabis shop permits.  A story covering that announcement was published in the Chicago Sun-Times, stating that advocates of the proposed measure noted that there was no licensed cannabis business that had an individual of color as a majority owner.

The study also discovered that since 2015, cannabis usage had grown by double digits in every state, with the state of Nevada claiming the number 1 spot at 119%. Additionally, adults who viewed cannabis as a dangerous substance had decreased to 25%.

Among the states that have legalized marijuana, including Washington DC, the study observed a decrease in youth usage in half and a rise of the same in the remaining eight states. However, the study found no direct correlation between the usage of marijuana by the youth and legalization.

In addition to this, the study also discovered that since 2015, youths aged between 12 and 17 and adults in the state of Illinois who used cannabis “in the last month” had grown by 4% and 39% respectively.

Earlier in December 2019, the City Council of Kankakee County approved a law that would permit the regulation of adult-use marijuana business organizations. The city is allowed to have a single licensed retailer. In the same year, the Kankakee County Board also voted in favor of prohibiting cannabis sales in unincorporated areas of the county. The executive committee will be re-examining this issue during its next meeting this April.

It may be reasonable to assume that as states earn large sums of money in the form of taxes on marijuana, the different cannabis companies such as Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) are also, hopefully, turning a decent profit rather than suffering under the yoke of taxes.

NOTE TO INVESTORS: The latest news and updates relating to Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) are available in the company’s newsroom at https://cnw.fm/GLDFF

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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