Tax Revenue from Cannabis Store in Macomb
The City of Macomb has received its first revenue from the city's adult use marijuana tax.
Windy City Cannabis opened its doors in mid-April. Mayor Mike Inman said the city’s three-percent municipal use tax on marijuana brought in $6,990 during the final couple weeks of April and $11,485 during May.
“We didn’t budget any of those collections in this current fiscal year because we had no idea what to expect,” Inman said. “We just zeroed out the budget as far as income from that source. So this will be a plus.”
In addition to income from the local use tax, Macomb will also be receiving money from the business through the city’s general sales tax and the state’s cannabis use tax, which is distributed to municipalities.
Inman feels it’s too early to estimate how much marijuana tax revenue Macomb might expect for a full year. But he said it could help make up for the upcoming loss of money due to its decrease in population.
The city built its budget on a projected population of around 16,000 but the 2020 federal census shows the city has 15,051 residents. The city intends to ask for a recount through a special census.
Tri States Public Radio produced this story. TSPR relies on financial support from our readers and listeners in order to provide coverage of the issues that matter to west central Illinois, southeast Iowa, and northeast Missouri. As someone who values the content created by TSPR's news department please consider making a financial contribution.