Illinois minority-owned marijuana retailer raises $3 million for expansion

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Socíale, a minority-owned marijuana retailer in Illinois, raised $3 million to fund its expansion plans in the state.

The business, located in the Chicago suburb of Park Ridge, is a social equity licensee, according to a news release.

Part of Socíale’s mission is to create equitable opportunities in the cannabis industry, founder Annu Khot said in a statement.

“I believe this industry offers significant opportunities for innovation and reshaping industry economics,” she said.

“Socíale aims to empower underrepresented communities by championing inclusivity in cannabis usership, ownership, and leadership.”

In response to criticism that marijuana businesses are predominantly owned by white males, state regulators in January simplified the application process and changed the criteria for social equity cannabis licenses.