From November 10, 2022

First Social Equity-Owned Adult Use Cannabis Dispensary Licenses Issued

CHICAGO - The Illinois Department of Financial and Professional Regulation (IDFPR) announced it has issued the first full adult use cannabis dispensing organization licenses to social equity applicants. IDFPR issued a social equity applicant license to Ivy Hall, located at 1720 N. Damen Ave. in Chicago in Cook County, which is 61% African American owned. IDFPR issued a second social equity applicant license to Green Rose, located at 612 North Wells Street in Chicago, which is 15% Latino-owned and 2.5% African American owned.

"In the coming months, Illinois is set to more than double the number of cannabis dispensaries, with every single new license holder being a social equity applicant," said Governor JB Pritzker. "With equity as our north star, today marks the first step for retail cannabis operations to begin repairing the devastating harm caused by the failed War on Drugs on communities of color. Congratulations to Green Rose and Ivy Hall - and we look forward to welcoming many more social equity-owned dispensaries to our great state."

"This is but the first two of almost 200 new full dispensary licenses IDFPR anticipates issuing in the coming months, and we're proud to welcome Green Rose and Ivy Hall to the most equitable cannabis market of any state in the country," said Mario Treto, Jr., Secretary of the Illinois Department of Financial and Professional Regulation. "IDFPR is committed to ensuring a diverse and well-regulated cannabis industry in Illinois, and we look forward to welcoming even more entrepreneurs in the time ahead."

To date, IDFPR has issued 192 conditional adult use cannabis dispensing organization licenses from a series of lotteries in 2021 and 2022. Full licenses will be issued as the Department receives and reviews the applications for the full licenses, before completing the mandatory on-site inspection as required by the Cannabis Regulation and Tax Act. Of the businesses selected through the lottery process, 41% are majority Black-owned, 7% are majority White-owned, and 4% are majority Latino-owned, while 38% of awardees did not disclose the race of their owners. To open, applicants still need to receive agent and agent-in-charge badges, create an account with the state traceability system, and place their first order for cannabis products.

Original source ca be found here.