PEORIA (25News Now) – The State of Illinois funds violence prevention, mental health and other social service programs with the help of cannabis taxes, but the amount of tax revenue collected from marijuana sales is shrinking.

Despite an increase in the number of dispensaries in Illinois, the amount of tax money pumped into the Cannabis Regulation Fund during fiscal year 2023 was $4 million less than the previous fiscal year. It’s from that fund that grants are awarded for various programs.

Since January, at least three dispensaries have opened up in the Peoria area, including Noxx on South Main Street in East Peoria. Its general manager is optimistic the cannabis industry will grow over the next decade.

Noxx GM Sean Alber has worked in the industry for several years. He said more pot shops are needed.

“There’s still not a whole lot of cultivators out there. There’s not a whole lot of dispensaries,” Alber said. “If we compare ourselves to Michigan that’s saturated, we’re very, very far from that.”

Expected tax revenue gains in the years to come could help fund more social service programs.

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Source: https://www.25newsnow.com/2024/04/20/sagging-cannabis-tax-revenue-seen-illinois-amid-call-more-pot-shops/