Following 10 other states, Illinois legalized recreational marijuana use for those over age 21. However, unlike those other states, Illinois became the first to also legalize the sale and possession of it.
Illinois governor J.B. Pritzker signed into action the Cannabis Regulation and Tax Act on May 31. The bill will go into effect January 1, 2020, with hopes to improve the Illinois economy.
Robert Bruno, professor in the School of Labor and Employment Relations, serves as director of the Labor Education Program in Chicago. In 2018, he co-authored a study looking at the financial effects should cannabis be legalized in Illinois.
According to the study, sponsored by the Illinois Economic Policy Institute and the Project for Middle Class Renewal at the University, Illinois could potentially generate $525 million in new tax revenues.
Bruno said this new revenue could be used for various forms of social improvements, infrastructure and education throughout the…