Illinois Cannabis Business Opportunities are Here - START NOW
Opportunities for entrepreneurs to get into the Illinois cannabis market are here. The state cannabis market is poised for huge growth now that the legislature has passed an adult-use bill that Governor Pritzker has pledged to sign. Current medical marijuana businesses in Illinois get an early advantage and can apply for an adult-use license within 60 days after the bill is signed. Adult-use sales are scheduled to begin on January 1, 2020.
After early approval licenses are awarded to current operators, new entrepreneurs have the opportunity to apply for seven different types of cannabis business licenses. We have been on the ground in Illinois working with lawyers, engaging with ancillary businesses, and meeting with our clients to ensure their cannabis business success. Contact us and we can show you where the best opportunities are to enter the market and serve consumers in Illinois.
Entrepreneurs interested in applying for an Illinois adult-use license should contact us to begin putting together a financial model and business plan now, which will help position you to raise capital, secure properties, win local approval, and recruit potential team members. These preparatory documents are crucial to inform investors and are also necessary in the license application.
Cannabis Business Guidance in Illinois
There has been an increase of cannabis-related activity in Illinois because of the legislature’s recent focus on the issue. We can help you sort out the facts, educate you on the actual market conditions and opportunities, provide specific information based on what type of cannabis business you want to start, and begin developing goals and plans. Bob Wagener, our VP of Business Development, shares more insights about getting started in states with new cannabis programs here.
Get prepared in advance for the state’s request for applications to open a licensed cannabis business in Illinois. The most immediate actions you can take now to increase your chances of winning a competitive cannabis business license in Illinois are to begin putting together a business plan, get involved with or initiate advocacy efforts, and seek out local ancillary businesses to partner with, such as CPAs and law firms. Contact us now to start your Financial Modeling, Opportunity Assessment, Facility Design Concepts, and Hourly Learning Sessions with our Subject Matter Experts.
Market Conditions in Illinois
Illinois is the first state to legislatively pass a measure that legalizes and regulates the use and sales of adult-use cannabis. Entrepreneurs new to the industry should start their positioning now to get ahead of the competition.
Licensing application dates for new cannabis businesses in Illinois:
- Dispensaries -- October 1, 2019
- Infusers and transporters -- January 7, 2020
- Community college vocational pilot program -- February 1, 2020
- Cultivation centers -- January 1, 2021
- Craft growers -- no date given
Illinois implemented a medical marijuana program back in 2014 with 30 qualifying patient conditions. That number has increased to 40 conditions, with cancer, severe fibromyalgia, and PTSD making up the 3 biggest patient groups in the program. The state passed rules that make it easier and quicker for patients to receive a medical marijuana card in Illinois in 2018. Then they launched the Opioid Alternative Pilot Program in January 2019, which gives individuals who have or could receive a prescription for opioids access to medical marijuana as an alternative to manage pain. There is a bill going through the legislature to expand the medical program and make it permanent, as it is set to expire on July 1, 2020.
Entrepreneurs and investors who are interested in getting into the Illinois cannabis industry should contact us now to start their pre-license positioning and get ahead of the competition.
Stay Up-to-Date on Cannabis in Illinois
Cannabis legalization is changing rapidly. The expert consultants at Canna Advisors can help develop your cannabis business from the ground up. For the latest news and events in the industry, visit our Blog and News and Events pages, and have a look at some of the following top articles on cannabis in Illinois.
“Illinois Lawmakers Release Marijuana Legalization Details” - Marijuana Moment
The Projections For Illinois
Number of Registered Patients - 2019
Compounded Annual Growth Rate
Source: "The State of Legal Marijuana Markets" by Arcview Market Research / BDS Analytics, 6th Edition.
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