With over 130 licenses to hand out before hitting the state’s cap of 500 cannabis licenses, Illinois is not looking to hand out any new cannabis industry licenses, Crain’s Chicago Business reports.
Illinois state law allows for up to 500 active cannabis licenses, and there are currently 260 licensed cannabis stores and 103 “conditional license” holders, leaving 137 remaining cannabis licenses that could theoretically be awarded. However, the industry is wrought with difficulties — including competition with the illicit marketplace and an inability to rely on traditional funding opportunities — and most of the cannabis license holders in the state have yet to open their doors for business.
State Rep. La Shawn K. Ford (D), however, said in the report that by freezing new cannabis licenses, the state could help social equity entrepreneurs by giving them time to launch their businesses. Ford also said he’s planning legislation to help social equity entrepreneurs attract investors and raise money.
“What we’re focused on is making sure the current conditional licenses have the ability to scale up and attract investors. That’s the goal.” — Ford, via Crain’s Chicago Business
Meanwhile, Illinois lawmakers this year again failed to take action against intoxicating hemp products,
