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City council in Illinois floats the idea of paying for a new pool with cannabis tax revenue

Jan 5, 2022 | Media Partners, The GrowthOp

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Illinois is on track to generate nearly $2.3 billion in cannabis sales for 2021.

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The city of Ottawa, Ill. is debating what to do with its local cannabis tax revenue.

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Illinois legalized cannabis for recreational use in Jan. 2020. According to a recent report from the Chicago Tribune, the state generated US$1.03 billion ($1.3 billion) across medical and recreational channels in the first year of sales.

Total figures for 2021 are not yet available, but the state is reportedly on track to generate $1.8 billion ($2.3 billion) in sales.

Last August, Michigan used the funds raised by recreational cannabis taxes to award the Multidisciplinary Association for Psychedelic Studies (MAPS) a nearly US$13 million ($16.5 million) grant to continue its investigation into the treatment of post-traumatic stress disorder (PTSD) with cannabis.

The funding was allocated through the 2021 Veteran Marijuana Research Grant Program and will go towards conducting a second randomized, controlled trial to test the therapeutic potential of cannabis as a treatment for PTSD in U.S. veterans.

“This grant enables more rigorous study, overseen by the FDA (U.S. Food and Drug Administration), which may lead to cannabis flower becoming prescribable medicine someday,” said Dr. Sue Sisley, president of Scottsdale Research Institute.

“Veterans are demanding objective cannabis drug development research, and the state of Michigan is fulfilling our collective obligation to our beloved veteran community,” Dr. Sisley said.

The study will compare the safety and efficacy of cannabis against a placebo for the treatment of PTSD. More than 300 veterans are slated to take part, across four trial sites, including two in Michigan.

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