Illinois' social equity program is "on the verge of collapse" due to the state's laborious rules and regulations, cannabis equity advocates and business owners warn.
Ambrose Jackson, of the 1937 Group, said that those running equity businesses ended up sidelined for years, while cannabis companies that were among the first to enter the new market prospered, reported ABC7 Chicago.
"I'm waving a flag for Governor Pritzker and Illinois legislators... And who's being hurt? It's us. The very people who this program is meant to help," Jackson said.
The state recently issued 185 total adult-use cannabis dispensary licenses to social equity applicants, including three additional conditional adult use licenses handed out by Gov. JB Pritzker and the Illinois Department of Financial and Professional Regulation (IDFPR) to applicants who were selected in lotteries held during summer of 2021.
Meanwhile, Illinois recreational cannabis sales saw a 4.6% sequential drop in August to $129.4 million after breaking a record in July with the largest monthly sales year-to-date.
Seattle Officials Green-Light Bills Targeting Social Equity In Cannabis Industry
The Seattle City Council recently green-lighted three bills that seek to set up equity policies in the cannabis industry and address those affected by the War on Drugs, reported Q13 FOX.
More specifically, the measures aim to:
- CB 120391 – Expresses the Seattle's intent to engage in cannabis equity, expungement of cannabis convictions, equity work, and funding, and develop a needs assessment for needs within the workforce and cannabis industry.
- CB 120392 – Advances equity in cannabis licensing and expands licensed activities
- CB 120393 – Requires employers to take action to develop job retention, security, and stability within the cannabis industry.
The legislation will be effective 30 days after Mayor Bruce Harrell signs them into law.
Photo: Courtesy of Ramdlon, ganjaspliffstoreuk by Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.