Illinois Delays Marijuana Licenses
Illinois delays marijuana licenses due to the COVID-19 pandemic. Although the situation is beyond control, this is disappointing as 2020 was the first year that recreational marijuana is legal in Illinois. As of now, 75 marijuana licenses have been delayed due to the pandemic.
These delays can be a huge issue for some applicants. Some applicants were paying real estate for their marijuana facilities. With Illinois law, the applicants for growing licenses had to secure their property in advance. So this means that some groups may not be able to afford the delay in Illinois marijuana licenses.
So, What’s Next for Illinois Marijuana?
Although Illinois delays licenses, marijuana is still making money. Our marijuana consultants at Quantum 9 are happy to see that marijuana is essential business. So, at least existing dispensaries have the opportunity to make some money.
As for more licenses, it is uncertain when more recreational licenses will be available for business owners. Since the state pushed back the application deadline for these licenses, delays exist. As of now, the Agriculture Department in Illinois is working hard to review these applications.
Social Equity and Delay in Illinois Marijuana Licenses
Also, it is said that social equity applicants are also at risk. Illinois has very specific rules for their social equity program. This program helps diversify marijuana businesses. Also, in order to qualify as a social equity applicant, one must have a marijuana arrest on their record. Another qualifier includes that the applicant lives in an area disproportionately affected by the war on drugs. Other qualifications exist with the end goal to help these communities.
So, COVID-19 causes a delay in Illinois marijuana licenses, but it is not the end of this industry. Prior to the pandemic, Illinois made huge profits in marijuana. On top of that, business is still booming for existing marijuana businesses. In conclusion, if you have an interest in a marijuana business, profits are still high. Contact our marijuana consultants at Quantum 9 for more information on how to work with marijuana during a pandemic.