The Office of the Governor of the State of Illinois
08/14/2024 | Press release | Distributed by Public on 08/15/2024 14:21
Governor Pritzker Awards Loans to Licensed Social Equity Cannabis Dispensaries
Governor Pritzker Awards Loans to Licensed Social Equity Cannabis Dispensaries
Press Release - Wednesday, August 14, 2024
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Second round of Cannabis Social Equity Loan Program provides $5.5 million in loans to social equity dispensaries
CHICAGO - Today, Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced the recipients of $5.5 million in loans through Round II of the Cannabis Social Equity Loan Program. Through the program, 23 qualified, licensed social equity dispensaries are receiving $240,000 Direct Forgivable Loans (DFL) financed by the State of Illinois.
"Since day one, my administration has put equity at the forefront of building the most accessible cannabis industry in the nation," said Governor JB Pritzker. "With the Cannabis Social Equity Loan Program, we're giving social equity licensees the resources they need to grow their businesses - righting decades of injustice while providing opportunities for economic success in our state's historically disinvested communities."
After providing approximately $22 million through Round I of the Cannabis Social Equity Loan Program to craft growers, infusers, and transporters, DCEO opened Round II for adult-use dispensaries. Loan recipients are social equity Conditional and Adult Use Dispensing Organizations licensed by the Illinois Department of Finance and Professional Regulation (IDFPR). This round of funding was open to dispensaries who received licenses prior to the July 2023 dispensary license lottery.
"The Cannabis Social Equity Loan Program is actively reshaping the cannabis industry by strengthening businesses, creating jobs, and boosting economic growth," said Lt. Governor Juliana Stratton. "However, the impact of these investments goes beyond business development. We are demonstrating a tangible commitment to equity, removing barriers and promoting inclusivity in the cannabis sector."
Applicants were selected based on factors including social equity status, financial need, financial resources, and progress toward becoming operational.
"Licensed social equity cannabis dispensaries throughout the state are now benefitting from loans offered by the State of Illinois," said DCEO Director Kristin Richards. "This Direct Forgivable Loan Program is the latest of a variety of programs designed to promote equity in Illinois' growing cannabis industry."
|
Applicant Name |
Alternate Name |
City |
Loan Amount |
|
Blounts&Moore LLC |
Market 96 |
Cairo |
$240,000 |
|
Blounts&Moore LLC |
Market 96 |
Chicago |
$240,000 |
|
Blounts&Moore LLC |
Market 96 |
Oswego |
$240,000 |
|
Blounts&Moore LLC |
Market 96 |
Belleville |
$240,000 |
|
Do Mor Development, LLC |
N / A |
Lincoln |
$240,000 |
|
DSG Opco IL, LLC |
N / A |
Chicago |
$240,000 |
|
Fly Society Group of Aurora, LLC |
AuraLight |
Aurora |
$240,000 |
|
High Haven Dispensary, LLC |
N / A |
Elgin |
$240,000 |
|
Indus365 LLC |
Mystic Green - Decatur |
Decatur |
$240,000 |
|
InLabs I LLC |
N / A |
Springfield |
$240,000 |
|
Lighthouse Dispensing Company LLC |
Herb Social |
Chicago |
$240,000 |
|
Morgan and Hope, LLC |
N / A |
Chicago |
$240,000 |
|
Murray Food Services, Inc. |
Galaxy 1, Inc. |
Richton Park |
$240,000 |
|
Navada Labs, LLC |
Blyss Dispensary |
Chicago |
$240,000 |
|
Project Equity Illinois, Inc. |
Cookies Bloomington |
Bloomington |
$240,000 |
|
Project Equity Illinois, Inc. |
Cookies Peoria Heights |
Peoria Heights |
$240,000 |
|
Project Equity Illinois, Inc. |
Cookies Pontoon Beach |
Pontoon Beach |
$240,000 |
|
River Bluff Cannabis Inc |
N / A |
Roselle |
$240,000 |
|
Seven Point of Illinois LLC |
N / A |
Danville |
$240,000 |
|
Triumph 7 Investments LLC |
Snap Canna |
Elk Grove Village |
$240,000 |
|
Triumph 7 Investments LLC |
Snap Canna |
Pontiac |
$240,000 |
|
UHCC Inc. |
Bridge City Collective |
East Dubuque |
$240,000 |
|
WAH Group LLC |
CloudHaven Dispensary |
South Beloit |
$240,000 |
"As part of the Pritzker Administration, we are committed to reducing barriers and ensuring people from all backgrounds - and all of Illinois - have the opportunity to join the most equitable cannabis industry in the country," said Cannabis Regulation Oversight Officer Erin Johnson. "Today's announcement means critical funding for dispensaries and applicants across the state to open their businesses and create a stronger cannabis industry, meaning a stronger economy for Illinois."
Information on Direct Forgivable Loan Program Structure
|
Eligibility |
Qualified, licensed social equity dispensaries |
|
Selection Process |
Selection for funding was prioritized based on factors including social equity status, operational status, and a financial assessment. |
|
Lender |
State of Illinois |
|
Interest Rates |
4% after an 18-month grace period of no required payments and 0% interest; applicants can also pursue forgiveness prior to accruing any interest. |
|
Options for Forgiveness |
The loan principal is 100% forgivable upon providing documentation for eligible business expenses. |
"Social equity dispensaries have a real opportunity to succeed in our state by benefitting from this Direct Forgivable Loan program," said Senate Majority Leader Kimberly A. Lightford (D-Chicago). "The State of Illinois is committed to reducing barriers to entry into the cannabis industry and supporting communities that have historically suffered from disinvestment."
"Illinois is paving the way by prioritizing equity through its cannabis industry loan programs," said Representative La Shawn Ford (D-Chicago). "The latest round of the Cannabis Social Equity Loan Program is providing critical support to social equity dispensaries across Illinois."
Information on Prior Lending Rounds
The Cannabis Social Equity Loan Program is a first-of-its-kind program that was launched with the goal of providing loans to social equity licensees. Through loans made available by DCEO, 33 craft growers, infusers, and transporters were provided approximately $22 million in loans in Round I. 80% of the Round I loans were awarded to Minority and Women-Owned Business (M/WBE) firms, with approximately 84% of the loan amount shares going to M/WBE firms.