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Information for Applicants

 Recent Cannabis Applicant News

  • Jul - 202028Tue
  • Jun - 202030Tue

​Social Equity Fund

To defray the start-up costs associated with entering the industry, social equity applicants have access to a low-cost loan fund, primarily funded by existing dispensaries. Social equity applicants are encouraged to apply for the $30 million in loans that are available. Unlike any state in the nation, Illinois has set the standard for what it means to legalize cannabis in a way that begins to right the wrongs of the past and gives new opportunity to those that have been left behind for far too long.

 Upcoming Dates

 Avoid Cannabis Industry Scams

As a current/potential business owner please observer the following tips:

  • Any potential investor, consultant, or adviser who claims to have the ability to guarantee a license is lying and should not be trusted.
  • Business owners and investors should always be wary of “cold calls” or unsolicited proposals from persons or entities who cannot demonstrate or document relevant business competence and experience.
  • Business owners and investors should always be wary of “cold calls” or unsolicited proposals from persons or entities who cannot demonstrate or document relevant business competence and experience.
  • Be wary of any business that has abruptly changed its name, industry, or business plan multiple times.
  • Be wary of pressure tactics intended to force a quick decision to sign a document or pay money up-front.
  • If you are entering into a franchise agreement, be aware that no franchisor can guarantee you a license. Before signing, consider consulting a qualified attorney to review the agreement and identify any hidden unfavorable terms, such as a non-compete agreement.
  • Due to federal law, many traditional banks do not provide financial services to businesses in the cannabis industry. Be on the lookout for predatory lenders charging excessive interest and imposing other unfavorable terms, such as up-front fees or disproportionate claims on company assets. Borrowers should consider carefully before committing and know their options, including state loan programs for those who qualify.

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