Winners will have one year to complete build-outs and receive final approval, but they can request an extension.
The Illinois state government added another 35 social equity marijuana retail licenses late last week to its recreational market, with another 13 expected in coming weeks.
The new permits will join the existing 202 dispensaries in Illinois, which includes 92 social equity shops, according to a press release from the state Department of Financial and Professional Regulation. Another 108 social equity shops licensed two years ago are still working towards opening their doors.
The licenses are the result of a social equity license lottery conducted last summer. The winners will have one calendar year to complete location build-outs and receive final approval from regulators, though they can also request 180-day extensions for that deadline.
“Today’s announcement is yet another success story for Illinois placing equity at the forefront of legalizing cannabis,” Gov. J.B. Pritzker said in the release. “Righting the wrongs from the failed drug war means more jobs and opportunities in the communities hit hardest, which will mean more resources to ensure Illinois’ cannabis industry remains the most equitable in the country.”
Seven of the 55 applicants drawn in the lottery last summer didn’t meet eligibility criteria, the IDFPR said in the release, and replacements for those may yet be identified in certain geographic regions.
The state is also providing direct forgivable loans of up to $240,000 for each social equity dispensary licenses, WREX reported.
The new permits will join the existing 202 dispensaries in Illinois, which includes 92 social equity shops. Read More