Cannabis Industry Opportunities
Illinois
On August 1, 2013, then-Governor Pat Quinn signed the Compassionate Use of Medical Cannabis Pilot Program Act into law. The Act authorized qualifying patients to register with the state in order to obtain medical marijuana. In 2016 Illinois approved applications for 5,600 qualifying patients. These patient counts were very low, in part because Illinois does not include chronic pain as a qualifying condition. Chronic pain is by far the most common qualifying condition for medical cannabis in other states.
In 2018, voters in Cook County–the state’s most populous county that includes Chicago–approved a nonbinding ballot initiative supporting legalizing recreational marijuana at the state level.
This law permits Illinois residents age 21 and over to purchase and possess up to 30g of cannabis, 500mg of cannabis infused product and 5g of cannabis cannabis concentrate from adult-use dispensaries. Non-Illinois residents can make purchases and possess cannabis as well but are limited to 15g of cannabis, 250mg of cannabis-infused product and 2.5g of cannabis concentrate.
On June 25, 2019, Illinois Governor J.B. Pritzker signed House Bill 1438 (410 ILCS § 705), the Cannabis Regulation and Tax Act, which establishes licensing and taxation process for adult-use cannabis dispensaries.
The law also automatically expunges all convictions based on possession of up to 30 grams of marijuana. Those with convictions for possessing between 30 to 500 grams may also petition the court to vacate their convictions.
The Cannabis Regulation and Tax Act gives local jurisdictions the ability to opt out of the adult use cannabis program and prohibit commercial cannabis activity regardless of state law. The list of local jurisdictions that have enacted, or will likely be enacting bans can be found here.
Illinois will be offering 110 more dispensary licenses at the end of 2021. This was signed into law in May 2021 by Governor J.B. Pritzker.
Allows a business to cultivate, process, transport, and perform other necessary activities to provide cannabis and cannabis-infused products to cannabis business establishments
Allows licensee to cultivate, dry, cure and package cannabis and perform other necessary activities to make cannabis available for sale at a dispensing organization or use at a processing organization
Permits business to directly incorporate cannabis or cannabis concentrate into a product formulation to produce a cannabis-infused product
Allows licensee to acquire cannabis from licensed cannabis business establishments for the purpose of selling or dispensing cannabis, cannabis-infused products, cannabis seeds, paraphernalia or related supplies to purchasers or to qualified registered medical cannabis patients and caregivers
Allows a business or organization to transport cannabis on behalf of a cannabis business establishment.
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Illinois is estimated to produce a revenue range of approximately $1,690,248,000-$2,577,072,000, if all cannabis consumers chose to procure cannabis from the commercial market and the price remained steady.
If you are just starting your marijuana business, the best next step is to create a Business Plan to educate your team and prepare for the marijuana business license application process.
If you are ready to apply for a Marijuana Business License in Illinois, please contact us or call our offices to set up an appointment. You can also explore other state opportunities or fill out our Contact Form to discuss strategies such as investment or partnership opportunities.