Illinois Medical Cannabis Business & Marijuana Legal News

Illinois Senate panel passes bill to protect banks serving cannabis businesses

An Illinois senate committee voted to advance a bill that would prohibit the Illinois Department of Financial and Professional Regulation from taking any action that would penalize or dissuade banks and credit unions from serving legal marijuana-related businesses. Even if the bill becomes law, Capitol News Illinois noted, financial institutions that do business with marijuana companies […]

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Study: IL medical marijuana growers could meet 4 years of recreational MJ demand

Licensed medical marijuana growers in Illinois would be able to supply adult-use cannabis for four years after legalization, according to a report commissioned by licensed MMJ businesses. However, the study noted, a significant increase in the number of retail licenses is needed to meet consumer demand. The industry report contradicts a Legislature-commissioned study that predicts Illinois’ […]

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Illinois marijuana firm Grassroots closes $90 million raise to expand operations

Chicago-based Grassroots said it completed a $90 million capital raise designed to expand the company’s footprint and operations. Grassroots, a vertically integrated cannabis company that operates in 11 states, said in a news release it will use the funds to: Expand cultivation facilities in Illinois, Maryland and Pennsylvania. Build out newly secured dispensary licenses. Bankroll […]

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IL treasurer: State medical cannabis firms may collapse without banking reform

Illinois Treasurer Michael Frerichs warned legislators the state’s medical marijuana  industry could collapse if the state doesn’t take action to combat what he called a banking crisis for cannabis businesses. In a statement, Frerichs also asked state lawmakers to support legislation he says would prohibit Illinois regulators from taking any action that would penalize or […]

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Cresco to enter FL medical marijuana market via $120M VidaCann purchase

Cresco Labs, a Chicago-based vertically integrated cannabis company, agreed to acquire Florida medical marijuana provider VidaCann in a $120 million cash and stock deal. The deal gives Cresco a presence in Florida for the first time, expanding its operations into eight states and giving the company a toehold in a major MMJ market. VidaCann plans […]

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Report: Demand could overwhelm growers if Illinois legalizes adult-use marijuana

A new report predicts Illinois’ 16 licensed marijuana cultivators would be able to supply just 35%-54% of demand if recreational marijuana is legalized, underscoring the potential size of the state’s adult-use market. According to the report commissioned by Illinois legislators, annual demand could top 550,000 pounds of cannabis if the state OKs adult-use marijuana, the […]

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Green Thumb acquires marijuana products brand Beboe

Green Thumb Industries of Chicago has closed its acquisition of Los Angeles-based For Success Holding Co., owners of the Beboe marijuana products brand. The value of the deal, described as “nonmaterial” by Green Thumb, was not disclosed. For Success and Beboe were co-founded by fashion industry executive Clement Kwan and tattoo artist Scott Campbell. Green […]

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Doubling of IL medical cannabis users expected as opioid-option program starts

An industry observer predicted the growing Illinois medical marijuana program will see a surge in the number of MMJ patients as a result of a pilot opioid-alternative program that launched Thursday. Dan Linn, executive director of NORML’s Illinois chapter, told The State Journal-Register in Springfield that he expects the program to contribute to a doubling of the […]

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IL medical cannabis firms plan for boom around opioid-alternative initiative

Medical marijuana dispensaries in Illinois are preparing for a healthy boost in business with the launch of a pilot program this month that will offer patients access to MMJ as an alternative to opioids. Dispensaries are extending hours and hiring additional workers for the expected increased demand in medical cannabis once the Opioid Alternative Pilot […]

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