Cannabis Prevented Layoffs In Chicago — Could It Help Other Cities As Well?

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.

Related link: COVID-19 And Marijuana: Can Cannabis Municipal Bonds Help Government Budgets?

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 …

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