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ILLINOIS CANNABIS LEGALIZATION by the Numbers

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ILLINOIS CANNABIS LEGALIZATION by the Numbers ADVERTISING SECTION CRAIN’S CONTENT STUDIO ILLINOIS CANNABIS LEGALIZATION by the numbers With legal recreational marijuana sales only a calendar flip away in Illinois, here are the key numbers to keep in mind for anyone looking to invest in or provide professional services to the state’s blossoming cannabis industry. Jan. 1, 2020 The date on which medical cannabis dispensaries and cultivators already operating in Illinois can begin selling recreational pot to customers age 21 and above. 55 The number of existing medical cannabis licenses in Illinois that will be allowed to sell recreational marijuana next year. 75 The number of new dispensary licenses Illinois plans to issue by May 1, 2020. $14.2 billion The amount of investment capital raised by the marijuana industry nationwide in 2018, according to Viridian Capital Advisors. THE BUSINESS OF CANNABIS ADVERTISING SECTION CRAIN’S CONTENT STUDIO $1 million The ballpark amount of capital investment required to start a marijuana dispensary, according to industry leaders participating in a recent roundtable hosted by the American Bar Association. $10 million to $20 million The amount of capital required to create a large marijuana cultivation operation, according to those same roundtable panelists. 5,800 The number of people who currently work in the Illinois medical marijuana sector, 63,000 The number of according to Washington, DC-based cannabis people who will be directly research firm New Frontier Data. employed in the overall Illinois marijuana industry in 2025, according to New Frontier Data 30 grams projections. That cannabis work- The amount of recreational cannabis force will be about half the size Illinois residents will be able to of California’s. purchase and possess at any given time. Nonresidents will be restricted to 15 grams. 500 MG When it comes to cannabis-infused edibles, such as candies and sodas, Illinois residents will be able to purchase and possess products containing no more than 500 total mg of THC. Nonresidents will only be able to purchase half as much. $543.1 million The estimated revenue from Illinois cannabis sales next year, according to a report from Arcview Market Research and BDS Analytics. $1.69 billion to $2.58 billion The range of annual marijuana sales projected for a fully mature Illinois industry, according to a study by Colorado-based consulting firm Freedman and Kolski. That could happen in the next five years. $443.7 million to $676.5 million The estimated annual tax revenue from a mature Illinois marijuana industry, according to Freedman and Kolski. The key number to understanding the state’s recreational marijuana sales tax structure. Any cannabis or cannabis-infused edibles with less than 35% THC content will command a base tax of 10% of the retail purchase price. Edibles with more than 35% 35% THC will be taxed at a 20% rate, and cannabis above the threshold will be taxed at 25%. Municipalities can add local sales taxes ranging from .25% to 3.75%. THE BUSINESS OF CANNABIS.
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