In November, Chicago Mayor Lori Lightfoot announced the cancellation of a previously planned 350 layoffs and furloughs for city employees as part of the 2021 budget.
The about-face comes on the heels of higher-than-expected revenues from the state's legal cannabis market. In October, Illinois saw its figures exceed $100 million for the first time, helping push 10-month sales totals to $800 million.
The news comes backed by some of the nation's highest cannabis tax rates, which can top 41% on certain purchases. In July, municipalities across the state with dispensaries received approval on an additional individual 3% tax allowance to bolster local and state budgets.
Chicago offers up a possibility for other municipalities to replicate, but projecting cannabis revenues is no simple task.
Job Creator? Yes. Job Saver? It Remains To Be Seen.
Outside of Chicago, there are very few — if any — other records of layoffs being prevented by cannabis revenue.
In recent years, legal cannabis has been regarded as a job creator and revenue builder, rather than a job saver. In February 2020, Leafly reported …