Illinois Cannabis Licensing Workshop

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CURRENT REGULATORY STATUS OF CANNABIS IN ILLINOIS

On January 1st, 2020, Illinois became the 11th state to legalize adult-use cannabis thanks to the Cannabis Regulation and Tax Act. Here’s a look at what the new cannabis laws mean for residents of the state:

  • Licensed cannabis dispensaries can now sell cannabis for adult-use.
  • Consumers at least 21 years of age can purchase cannabis for adult-use.
  • The law recognizes five classifications of licensure: cultivation centers, craft growers, processors, transport organizations, and dispensing organizations.
  • Initially, only the 20 licensed medical cannabis cultivation facilities in Illinois will be allowed to grow cannabis.
  • Those seeking dispensary licensure must present a management structure that details all parties with a stake in their company.

THE HISTORY OF CANNABIS IN ILLINOIS

Medical cannabis has been technically legal in Illinois since the Cannabis Control Act was passed in 1978. This act allowed the Illinois Department of Human Services to give licensed physicians permission to prescribe medical cannabis. However, Human Services and the State Police never created the regulations necessary to implement the law.

Fortunately, Illinois became the twentieth state to legalize medical cannabis in 2013In 2016, the state decriminalized cannabis. The new laws ended the designation of small-time possession of cannabis as a misdemeanor.

Now that adult-use cannabis has been legalized in Illinois, residents of the state can stimulate the state economy by manufacturing, selling, and purchasing cannabis products. The organization in charge of licensure for cultivation sites, transport, dispensaries, and more is the Illinois Department of Financial and Professional Regulation. Their website contains information about how to start the application process if you’re interested in opening a cannabis business.

CANNABIS MARKET CONDITIONS IN ILLINOIS

The cannabis market in Illinois is full of potential, even during the COVID-19 pandemic. The state has declared cannabis businesses an essential business, and booming sales reflect it. In May, over 44 million dollars in cannabis products were sold in Illinois.

As of late June, Illinois licensed more than 50 dispensaries to sell adult-use cannabis. The market is competitive, yet adult-use cannabis is still new to Illinois and ripe for smart entrepreneur. If you’re ready to open your own dispensary, there’s no time like the present to take the first steps.

CURRENT REGULATORY STATUS OF CANNABIS IN ILLINOIS

Owners must consider many factors before opening new cannabis businesses in Illinois, and it’s no secret that they’re entering a competitive sector. However, Illinois cannabis sales figures suggest tremendous opportunity to invest in an emerging and booming market. It may feel overwhelming to start planning, but that’s where Higher Yields Consulting comes in.

Higher Yields Consulting is a cannabis consulting firm with the industry expertise to help you through every step of the process, from licensure compliance to marketing your new store. We have the knowledge and experience to help you build your cannabis business from the ground up. Fill out our online contact form, give us a call, or send us an email today. We look forward to assisting you.

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