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Illinois celebrated the opening of its 100th social equity-owned cannabis dispensary on Friday, a milestone that coincides with the release of a state-commissioned disparity study proclaiming Illinois as having the “most diverse cannabis business ownership in the nation.”
The ribbon-cutting ceremony in Champaign marked the launch of the marijuana shop but also highlighted Illinois’ continued efforts to foster diversity and inclusion within its cannabis industry. According to an official press release, these initiatives are crucial in transforming a sector that has historically been dominated by non-minority groups.
“We’re very excited to have been selected and to be part of the Illinois social equity program,” said The Dispensary Champaign owner Jeff Soenksen. “We’re grateful to IDFPR for their exceptional service and professionalism during the process to date,” referring to the Illinois Department of Financial and Professional Regulation.
Read Also: Illinois Sees Continued Growth In Cannabis Sales In 2024: What’s Next?
The comprehensive disparity study, conducted by the Illinois Cannabis Regulation Oversight Office (CROO), scrutinized the allocation of 559 adult-use cannabis licenses issued to over 400 businesses from January 2020 to January 2023. The findings indicate that 60% of these licenses were awarded to minority- or women-owned businesses.
Governor JB Pritzker commented on the findings. "We're incredibly proud of our emerging cannabis industry, and we're fully committed to making this an industry where people most affected by the War on Drugs can start their own business and thrive."
He further emphasized the state’s approach. "That’s why Illinois commissioned the largest, independently reviewed cannabis-focused disparity study in the nation, and the results show that our administration's policies focused on social equity have paid off."
Illinois' cannabis industry has indeed grown substantially, with total sales surpassing $1 billion by July, ahead of previous years’ figures. This growth contributes significantly to the state’s tax revenue, supporting various community development programs. As some dominant players like Cresco Labs (OTC:CRLBF), Green Thumb Industries (OTC:GTBIF) and Curaleaf Holdings (OTC:CURLF) have presence in the state, the ongoing regulatory efforts by Illinois aims to ensure that the cannabis industry remains a competitive and fair marketplace.
As Illinois marks these strides in regulatory reform, the upcoming Benzinga Cannabis Capital Conference in Chicago on October 8-9 will dive deeper into these achievements. This event will serve as a privilege place to discuss Illinois’ policies and analyze how these strategies can be adapted by other states. Join industry leaders as they explore the future of equitable cannabis market growth and the role of regulation in shaping a just and thriving industry. Get your tickets now before prices surge by following this link.
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