Illinois Department of Financial and Professional Regulation issued the following announcement on Jan. 13.
The Illinois Department of Financial and Professional Regulation has announced that statewide adult-use cannabis sales from Wednesday, January 1 through Sunday, January 12 totaled $19,709,345.10. Dispensaries across the state rendered 495,385 transactions over the twelve-day period.
As part of the state's focus on equity, 25 percent of cannabis sales tax revenues will support the Restore, Reinvest and Renew (R3) program, which aims to address the impact of economic disinvestment, violence and the historical overuse of the criminal justice system. The Department of Revenue expects to have a tax revenue estimate by the end of February, when initial tax payments from dispensaries are due.
"Illinois had a far more successful launch of cannabis than many of the other states that have legalized, but this is about more than money, it's about starting a new industry in a way that includes communities left behind for far too long. Members of those communities will have the opportunity to apply for licenses to open a dispensary, become a craft grower or infuser, or transport product under the new law. Illinois is the only state in the country to take an equity-centric approach to the legalization of cannabis and I thank all those who worked hard to make the launch a success," said Toi Hutchinson, Senior Advisor to Governor Pritzker for Cannabis Control.
On Tuesday, January 7, the Illinois Department of Agriculture opened the application process for Cannabis Infuser, Transporter and Craft Grower licenses, including social equity applicants. The applications are available on the Department's website here. IDOA will begin accepting completed applications on Friday, February 14 and all Cannabis Infuser, Transporter and Craft Grower applications must be submitted by 5 p.m. CST on Monday, March 16, 2020. Licenses will be awarded to applicants by July 1, 2020.
Social equity applicants will receive additional points on their application and will have access to technical assistance, grants, informational workshops, low-interest loans and fee reductions and waivers. Additional information about the timing and location of workshops will be available in the coming weeks.
Original source can be found here.