Social equity candidates in Illinois will have to wait for their first cannabis licenses as Gov. J.B. Pritzker decided Wednesday to postpone their issuing for an unspecified period.
According to the Chicago Sun-Times, Pritzker has signed an order suspending the scheduled Friday announcement of the winners of the 75 coveted recreational dispensary licenses due to the COVID-19 pandemic.
The new date of the announcement is to be set by the Illinois Department of Financial and Professional Regulation, or after lifting of Governor's coronavirus-related disaster decree.
"The Pritzker administration remains committed to creating a legal cannabis industry that reflects the diversity of Illinois residents," Toi Hutchinson, Pritzker's senior adviser for cannabis control, said in a statement.
As the coronavirus outbreak unfolded, delays in the process of reviewing applications were inevitable, Hutchinson added. Illinois officials are dedicated to creating a more diverse legal pot industry.
According to the Illinois Department of Financial and Professional Regulation (IDFPR), more than 85% of approximately 700 applicants were qualified for additional points on their applications due to living in areas with strict drug policies in the past, having previous pot-related convictions or a family member that fits criteria.
Still, some social equity applicants doubt this situation has something to do with coronavirus. They are underlining that existing cannabis stores operated by white majority owners are having a considerable advantage since they were allowed to work during coronavirus pandemic and the stay-at-home order.
Related Links
Chicago Natives Team Up To Form Cannabis Businesses, Offset Inequality
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.