Tax revenue from cannabis is promising. Marijuana consulting firm, Quantum 9, reaches out to municipalities across Illinois. A municipality includes a city or town that has corporate status and local government. It is important for marijuana companies to be in contact with these cities, especially as marijuana laws change.
Connections and Cannabis
As featured on Marijuana Business Daily, Michael Mayes of Quantum 9 makes connections with local officials over the phone. It is smart to make these connections over the phone as municipalities have a lot of say about where marijuana businesses can be. Cannabis and tax revenue go hand in hand, so these cities and towns should consider cannabis. So, many firms promise jobs and tax revenues if the towns help approve cultivation businesses.
Cannabis and Tax Revenue in Illinois
Now that marijuana is legal for medical and recreational use in Illinois, let’s see how the tax revenue from cannabis looks. Well, Illinois made $52 million in the first six months since marijuana became legal. And this is only from the recreational program. This money can help Illinois with a lot of problems, which is why other states should consider legalizing marijuana.
So, where did this tax revenue go? Well, 25% of the tax revenue went towards community improvement. It is made to support communities that are impacted by the drug war. Also, municipalities are able to collect up to 3% in tax revenue from cannabis. All in all, the new flow of tax revenue is very important for Illinois towns and cities.
With that in mind, tax revenue and cannabis are promising. Contacting local officials is an important step in the process of marijuana legalization. Quantum 9 helps make connections with these localities. All in all, the firm has success with marijuana business in Illinois. For more information about our services click here.