Illinois has halted the licensing process for new adult-use marijuana stores in a bid to boost cannabis outlets owned by social equity entrepreneurs.
At least, that’s the reasoning that Democratic state Rep. La Shawn Ford gave to Crain’s Chicago Business.
Illinois law caps the number of recreational cannabis stores at 500. There are currently 260 licensed adult-use stores in operation.
Another 103 conditional social equity licenses have been awarded to date, but, according to Crain’s, few have managed to scrap together the capital to open their doors.
So the state will hold off on licensing the remaining 137 stores allowed under the current cap to “help social equity get their footing and to bring in principal investors,” Ford said.
According to Crain’s, proposals in a bill Ford introduced include:
- Reduced or eliminated licensing fees for social equity permit holders that qualify for a “hardship waiver.”
- Expanding the canopy size for small “craft growers” from 5,000 feet to 14,000 feet.
- Allow social equity businesses to add owners solely “for investment purposes.”
Meanwhile, many existing marijuana businesses want lawmakers to curb the state’s market for hemp-derived THC products.
In January, a bill that would have done just that stalled in the Illinois Legislature despite support from Gov. JB Pritzker.
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