Illinois Medical Cannabis Business & Marijuana Legal News

IL gov touts adult-use marijuana plan, FL dispensary cap lawsuits, Euro MJ conference & more

Illinois Gov. J.B. Pritzker unveils a blueprint for recreational marijuana, lawsuits crop up in Florida around the state’s dispensary caps, a conference in Denmark highlights the growing international MJ space – plus other important news from around the cannabis industry. Recreational marijuana plan for Land of Lincoln The governor of Illinois revealed a plan to legalize […]

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Marijuana Business This Week: Honing IL legalization language, taking reservations in Massachusetts, hempseeds enter space & more

Here are some notable stories and events to watch for in the coming days: LEARNING THE LANGUAGE: Substantial language to incorporate into a bill legalizing adult-use marijuana in Illinois could come as early as Tuesday, according to one of its key proponents. In early April, an Illinois Senate panel advanced a placeholder legalization bill that […]

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Chart: Eastern US salaries top Western compensation in cannabis

Salaries for employees of U.S. marijuana companies lean higher in East Coast markets than on the West Coast. That’s one key takeaway from a Marijuana Business Magazine survey of cannabis industry recruiters. Exceptions exist, of course, such as California, where salaries are higher than average, and Florida, where they are lower than average. Several factors […]

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Illinois OKs Cresco Labs’ plan to open three more medical cannabis dispensaries

Chicago-based Cresco Labs, a multistate cannabis company, received regulatory approval to acquire a trio of medical marijuana dispensary locations in Illinois. According to a news release, the Illinois Department of Financial and Professional Regulation has greenlighted the company to acquire two stores in the Wrigleyville neighborhood of Chicago – MedMar Rockford and MedMar Lakeview – […]

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Green Thumb Q4 sales climb 237% amid expanding marijuana operations

Green Thumb Industries, a Chicago-based multistate cannabis company, reported revenue of $20.8 million for the fourth quarter ending Dec. 31, 2018, up 237% from the same period a year before thanks to GTI’s expansion into additional states and the opening of more stores. The net loss for the quarter was $3.1 million compared with a […]

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Marijuana Business This Week: Nevada license hearing, hemp lending guidance, SC mulls medical cannabis & more

Here are some notable stories and events to watch for in the coming days: ASCENT LICENSE HEARING: Representatives of Canadian cannabis company Ascent Industries Corp. are scheduled to appear Wednesday before the Clark County Department of Business License to argue why its permits in Nevada should not be permanently suspended, revoked or non-renewed. Sweet Cannabis, […]

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Illinois Senate OKs bill to shield banks serving marijuana businesses

The Illinois Senate on Thursday passed legislation that would bar state regulators from penalizing or discouraging banks and credit unions from serving cannabis businesses. Senate Bill 2023, however, would have limitations if it becomes law. Financial institutions that do business with marijuana companies would still face possible prosecution by federal authorities. More information about the […]

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Illinois Senate panel OKs adult-use cannabis bill, but details are pending

An Illinois Senate committee voted to advance a placeholder bill that lawmakers can amend later to legalize a recreational marijuana market in the state. The so-called “shell bill” – approved in a 12-4 party line vote by the Senate Executive Committee – is expected to be significantly changed through private negotiations among lawmakers, the governor’s office […]

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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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