One big Illinois deal in particular seems to be stuck in neutral, Parallel’s planned acquisition of Windy City Cannabis. Announced in April 2021, the deal was to be for six Illinois dispensaries for $155 million.
“It’s a policy that by all accounts is not being enforced…My belief right now is that the science is moving too fast for the regulators.”
“It’s something that’s been discussed and a priority of the current [Cannabis Regulation Oversight Officer], I think she’s been working on it for a while.”
The judge did not indicate when she might lift the court order first filed in June 2021 that bars the state from issuing dispensary licenses to last summer’s license lottery winners.
Spokespeople from three large cannabis companies operating in Illinois released statements that they support craft grow owners of color, but oppose the current legislation because it does not guarantee diverse owners will reap the rewards.
“When we talk to investors, people look at the 5,000 square feet, and it is impossible to make those numbers work at 5,000. At 14,000, things look a lot better.”
The Verilife call center is the sixth cannabis business in Illinois to organize with Local 777.
Michigan cannabis sales were $152.6 million for the first month of the year. That’s 15% below its December 2021 sales.
The subsidized loans were expected to be a lifeline for many license winners, since craft grow startup costs were expected to be in the multi-million dollar range and many social equity license winners lacked relationships with trusted investors.
The license locations for these companies were released on January 26.
