What is Going on with Illinois Cannabis Dispensary Licenses?
Applicants for Illinois cannabis dispensary licenses have been patiently waiting for the results of whether or not they are able to enter the cannabis industry in Illinois. On September 3rd, Illinois regulators announced that 21 social equity applicants would be put into a lottery in order to win the 75 Illinois cannabis dispensary licenses that are available.
Well, Illinois applicants were not happy with this decision and believe that the social equity program in Illinois is corrupt. As a result, applicants that did not make it to the lottery round sued the state. These applicants claim that there is some sort of political motivation behind the businesses that are in the lottery pool.
Our cannabis license consultants at Quantum 9 are here to explain what is going on with these long-awaited Illinois cannabis licenses.
J.B Pritzker Gives Illinois Cannabis License Applicants Another Chance
Well, the governor of Illinois decided to offer applicants for Illinois cannabis dispensary licenses another chance to write their applications. With that, Pritzker decides to have the IDFPR grade the updated applications and issue new scores before moving on with the lottery.
So, Pritzker’s decision made another group of applicants mad. Now, groups of applicants who were chosen for the initial lottery are angry and decide to sue the state. These groups include SB IL, Vertical Management, and GRI Holdings IL. All of these groups received perfect scores on their applications. These groups obviously do not want the Illinois Supreme Court to score these applications again. As you can see, the Illinois cannabis dispensary license application process is a huge legal mess.
So, why is everyone fighting so hard to get these cannabis licenses? Well, the Illinois cannabis industry makes a lot of money and everyone wants in.
Profits in the Illinois Cannabis Industry
The cannabis market in Illinois is incredibly profitable and the profits get higher and higher every single month. For example, according to thcnet.com, adult-use sales increased 5.7 percent to around $68 million in September. Cannabis sales in Illinois will reach $1.5 billion in 2025 if this growth continues.
With that, you can see why this market is incredibly profitable. If you have any further questions about starting a cannabis business in Illinois, contact our cannabis license consultants here.