Chicago Poised To Make Millions From Recreational Marijuana

Chicago Poised To Make Millions From Recreational Marijuana-2

Contributor: Kevin Cook

If I was tasked with having to list the innumerable benefits of cannabis, I don’t think I’d be able to accurately encapsulate all the wonderful things marijuana can do. It truly is a miracle plant. Personally, I can only wax poetic about cannabis for so long before I, myself, start to yearn for another toke. We all have our very own relationship with marijuana, and the mountain of benefits that it brings along with it. However, for folks who see it from more of a business or socioeconomic perspective, the main thing they see when they spot some ganja is dollar signs.

To be fair, I am sure that is what most people think about nowadays. For me, the only time I consider currency with thinking about cannabis, is typically based on my modest bud budget that I set aside for myself before I head on over to the dispensary. But for these folks, namely businesses and politicians, the possibility for exorbitant funds, via marijuana, is tremendous. It is one of the most successful industries in this country’s history, and it is still very much in its infancy.

The few states that have fully legalized, both medicinal and recreational, bud have seen a major influx of money flowing into their region. Which, when you think about it, makes nothing but sense. I am sure you have all shared that same thought the moment you realize just how much in taxes you are paying for legal marijuana. More often than not, we (the consumers) are shocked to learn that we have to pay upwards of 20% of the total cost, just to please ol’ Uncle Sam.

I am not the biggest fan of that monetary shock come checkout time, but the fact that I no longer have to pick up bud from random people in empty parking lots makes it seem worth it. Plus, I have no problem paying a little extra to satisfy the government’s insatiable greed. I mean, they are letting me smoke weed without being arrested – finally – so I suppose a little financial kickback is only polite. But I am always more concerned with how it affects my wallet. I rarely sit back and fully realize just how beneficial it is to the state.

I mean, think about it. These places are taxing a ton of money on each and every product that flies off the shelves. That is resulting in millions and millions of dollars that is (hopefully) put to good use by the powers that be. While a handful of states have been able to rely on just such income for years now, there are more and more places who have decided to create a little cannabis money of their own.

One of the most recent states to join the ganja gang is Illinois.

Chicago Poised To Make Millions From Recreational Marijuana-1

With medicinal sales already in place, they have gone ahead and decided to make a smart move by legally allowing their residents to smoke marijuana recreationally. Well done, Illinois. We knew you would come around eventually. But, as I have alluded to above, the wealth that they stand to gain in doing so is going to be absolutely mind-blowing.

You may not be able to gauge all that positivity from the gloomy financial forecast that Mayor Lori Lightfoot announced recently. Apparently, during a press conference, Mayor Lightfoot revealed that the state will take in $3.5 million next year from recreational marijuana.


Which, to be honest, sounds extremely underwhelming. Where are the big numbers, like we have seen from other states? This doesn’t really add up. Well, sure enough, our numerical instincts were right on the money. The only reason this figure seems so low, is because it is. By which, I mean that this number is merely representative of four months of 2020 – because a state law prevents cities from collecting on taxes from legalized marijuana until the following September. In short, the money will be there, they just legally cannot account for it…yet.


Their specific city and state taxes are fairly straight-forward. All marijuana-related items that are sold which possess a smaller THC potency than 35%, will be taxed at 10%. Then, more potent products, such as concentrates and vape pens, will be taxed even more, at a rate of 25%. Also, any product that is sold at a dispensary that is technically considered to be “cannabis-infused” – which are basically all edibles, drinks, and alike – will be hit with a hefty 20% tax, as well. So, as you can plainly see, Illinois is ready to collect on these cannabis taxes in a major way. They just have to wait because of that aforementioned state law.

Some months ago, a statement was made by Governor J.B. Pritzker that did nothing but boost confidence in the state’s eventual marijuana tax-related income. In which he predicted a whopping $140 million would be made from cannabis sales.

Also, Gov. Pritzker’s figure was merely an estimate of the financial growth the state could enjoy through the legalization of recreational marijuana. A team of Democratic enthusiasts, sponsors, and experts predicted that Illinois has the potential to bring in a little over $675 million in annual tax revenue. Not only that, but they are projected to create over 60,000 jobs in the industry, alone. Talk about growth! If that doesn’t calm whatever worries you were having about this beloved midwest oasis, I don’t know what will – perhaps a joint?

But hold off on firing that sucker up if you live in Illinois. Cannabis, recreationally anyway, won’t be legal until January 1, 2020. But, that’s right around the corner when you think about it. We’re sure that every dispensary currently catering to the medical crowd will be pretty pleased with the lines of eager stoners who are sure to line up around the block on that “big day.” I mean, I know I’d be there at the front of the line, deep-dish pizza and pipe in hand.

Alas, I won’t be able to enjoy all the smoke-related festivities that day, but you better believe I’ll be there in spirit. I’m just excited to see all the news footage of Chicagoans forming massive lines outside of boutique-sized dispensaries. I can only imagine it’ll be as green as it is every St. Patrick’s Day in this classic American city.

Chicago (and Illinois, in general) is one of the most picturesque destinations in the entire country. If you have never been out to that neck of the woods, I strongly suggest you book yourself a trip. There are a million different things to see and do…and the food? It is easily some of the tastiest cuisine in the whole world! I can say that without any shred of hyperbole.

In fact, even talking about Chicago has me all fired up. I think I may just treat myself to a little vacation to the midwest sometime soon. I just hope they have cheap flights available in January – because I definitely want to check out how this upper crust of the country grows their weed. I’m sure it is just as good, if not better, than what I’m used to. But, I suppose there is only one way to find out, right?

See you soon, Chicago. If you bring the bud, I’ll bring the papers!



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