Cannabis entrepreneurs in Illinois expected business permits to be handed out on July 1, but they'll have to wait a bit longer for the state’s approval.
Gov. J.B. Pritzker inked an executive order on Monday to postpone licensing of over 80 cannabis-related operations.
Pritzker, who has been stalling on granting 75 recreational marijuana licenses to the cannabis business due to the ongoing COVID-19 pandemic, decided to delay at least 40 adult-use cannabis craft grower licenses, 40 infuser licenses, as well as an untold number of transporter licenses.
According to the Illinois Department of Agriculture, the governor lengthened the July 1 deadline for an indefinite period due to the deadline extension of the previous application.
The news, first reported by the Chicago Tribune, created anxiety among applicants.
Some of them told Tribune that they are paying rent for the business properties, and they can’t afford it if the delay is prolonged.
Last year, Illinois’ lawmakers voted the legalization of recreational marijuana to make it the eleventh state nationwide to allow non-medical marijuana use.
On Jan. 1, which was the first day of legal recreational use within the state, cannabis buyers spent over $3 million.
Courtesy photo
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Missed the first wave of cannabis investments? Don’t make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
Just this year, the PotProfits portfolio has seen smoking-hot gains like:
- 47.10% with $GTBIF
- 40.23% with $TCNNF
- 21.50% with $VFF
But here's the kicker: Michael is about to release his next potential winners, and he's chomping at the bit to share these ticker symbols with you ASAP.
Don't miss out on the green rush!