In Illinois, the clock is ticking for the 149 applicants approved for conditional adult-use marijuana sales licenses. Recipients have 180 days to secure a business location and set up the proper paperwork to get final licensing approval from the state. However, if candidates cannot find a suitable business location in that time frame, they can apply for a 180-day extension.

Early summer lotteries in 2021 allowed adult-use cannabis retailers to apply for conditional state licenses. The state granted the licenses this week to social equity applicants only. “With the release of 149 Conditional Adult-Use Dispensing Organization Licenses, Illinois has become a frontrunner in cannabis minority ownership and will continue to drive social equity, social justice, and inclusion into the marketplace,” said Illinois State Senator Kimberly A. Lightford. 

Many of the business owners selected will likely have difficulty obtaining capital for securing a site and starting their operation. But under its Social Equity Cannabis Loan Program, the Illinois Department of Commerce and Economic Opportunity (DCEO) provides low-interest loans to qualified licensed companies. Illinois Department of Financial and Professional Regulation Secretary Mario Treto Jr stated: “The release of these licenses means a transformation of the retail side of Illinois’ cannabis industry, creating more opportunities for individuals from all backgrounds to reap the benefits of legalization as employees and ancillary service providers.” 

With the licenses and loan programs, underprivileged and business owners with criminal backgrounds finally have the opportunity to live their dream and operate legitimate businesses in the community.

Applicants must secure their capital and business location to get final licensing from state regulators. Proper insurance to protect the business may also be required in some cases. There are many types of insurance and coverages for marijuana businesses. Some coverage is necessary for state licensing, while other policies are highly recommended but not required. Not sure which coverage applies to you? Check out our article, What Is the Most Important Coverage You Need for Your Cannabis Business?

GreenCore Specialty Insurance is here to help you assess your specific risks. Our specialists can advise you on what you need to satisfy the state of Illinois and also give you the proper protection for your new business. In addition, with a business plan, GreenCore Insurance can issue you a letter of insurability at no charge. Reach out today!