How To Open a Grow in Illinois
Illinois was the 20th state to legalize medical marijuana with the introduction of the Compassionate Use of Medical Cannabis Pilot Program Act in 2013. Now, lawmakers are moving even further to fight for the legalization of recreational marijuana since the drug was decriminalized as of 2016.
The state allows potential business owners to open a dispensary in Illinois. Whether this is possible or not will hinge entirely on the city and/or county of choice, as the state allows the local municipalities to ban or place moratoriums on whether to license dispensaries for operation or not.
Requirements:
- Applicants must undergo fingerprint background check
- Disclose any past bankruptcies, student loan defaults or child support or alimony,
- You must also release complete tax returns for previous years.
- Non-refundable application fee for a cultivation permit: $25,000
- Once issued a permit, $200,000 permit fee for the first year
- Annual permit renewal: $100,000
- Applicants were required to demonstrate $500,000 in liquid assets and a $2,000,000 bond to the Department of Agriculture
A single entity can own a maximum of 3 cultivation permits. An individual is prohibited from being an owner, partner, officer, director, shareholder, or member of more than 3 permitted cultivation centers.
Step by step process:
- Figure out what your city will require for licensing and the boatload of other to-do items to have in place prior to submitting your application for licensing.
- Setup your Corporate Business Structure
- Create your Business Plan
- Obtain the Licenses needed to operate your dispensary and be completely legal and compliant.
- Install the operational infrastructure to be in accordance with all regulations and then open your doors for business.
- Contract with dispensaries, transporters, and processors to grow marijuana for them.
How Much Money is a Owning a Farm?
Marijuana sales in Illinois already enjoys a large patient base that consumed around 23lbs. per year. Supporters of the recently passed bill forecast nearly $500 million in tax revenue once legalized, while business analysts expect to see $2.5 billion in sales revenue.
As of January 2020, here is what Illinois has Approved:
Commercial Grow Operations: 21
Licensed Cannabis Dispensaries: 37
Patient Medical Cards Approved: 113,458
Need help with your Commercial Grow? Contact us Directly!
CommercialGrower@OpticLEDGrowLights.com 253-881-1355
Click here to see our 5 Steps to starting a Commercial Grow Facility.
Links that will help you get started today:
Illinois:
https://www2.illinois.gov/sites/mcpp/Documents/Cultivation%20Center%20Application%20082914.pdf
Permits:
http://dispensarypermits.com/
Canna Advisors:
http://thinkcanna.com/
Green Rush Consulting:
http://greenrushconsulting.com/open-a-dispensary/