Full Text Of Governor Pritzker Budget Address Today Concerning Regulation Of Cannabis Being A Top Priority For Revenue In Fiscal Year 2020 [TRANSCRIPT]

Hindsight is better than no sight, right?

I could not resist.

From News Magazine Chicago:

[22:12]

Governor Pritzker: “This is a constrained budget. More austere than I would like. But I think it’s important that we be disciplined and focused over the next few years to pay down our bill back log and the debt left over from prior administrations. The responsible course is to embrace some near term reasonable and realistic new revenue which will bring in an estimated $1.1 billion dollars in total.

“Let’s begin with this. By legalizing and regulating adult use cannabis in this legislative session we will create jobs and bring in $170 million dollars in licensing and other fees in this fiscal year 2020. I have noted many times that I don’t view this issue through a purely financial lens. I think we should take this action for our state because of the beneficial criminal and social justice implications, and the jobs that it will create. And let’s be honest. Like it or not, cannabis is readily available right now. I would rather that this state tax it and regulate it then deny the reality of it’s use and accessibility.

“This budget also includes the legalization and taxation of sports betting. Expansion of gambling is a perennial effort in this state. And often these proposals get bogged down in regional disputes and a Christmas tree approach. But in those instances we were talking about adding river boats or adding into other regions. Sports betting is different. This is a new market created by a recent US Supreme Court decision. Every day that we argue about who is in and who is out is money that goes to other states, and to the black market. I’m calling on the legislature to take this up immediately, so that Illinois can realize hundreds of millions of dollars, create new jobs, and bring sports betting into a regulated environment that will protect citizens from bad actors. If we do it this year and become the first state in the Midwest to move on this initiative, we can realize more than $200 million dollars from sports betting fees and taxes in FY 2020.

 
You can see the full speech from News Magazine Chicago here.

See also this news item from the Daily Herald: Pritzker pushes for pot legalization, flat tax in new budget