How Much Revenue Could Illinois Generate From Legal Cannabis?

From time to time, people suggest that Illinois should legalize and tax recreational marijuana, and one of the supporting arguments is that the tax revenue could help with our budget woes.

Four states have legalized the purchase of marijuana for recreational use: Alaska, Colorado, Oregon and Washington. In this analysis, the Taxpayers' Federation of Illinois looks at existing state tax regimes and attempt to estimate how Illinois would fare.

There's one bill pending in the General Assembly that would legalize marijuana for recreational use and impose taxes on legal sales, though the legislation has been buried in the Rules Committee since August and its chief sponsor is outgoing state Rep. Ken Dunkin, D-Chicago.

But based on the bill's tax components, here's how much potential revenue the state could bring in by legalizing and taxing recreational marijuana, according to TFI.

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