How Much Money Do You Actually Need to Get In the Illinois Medical Marijuana Game?
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The Compassionate Use of Medical Cannabis Pilot Program Act rules have just been refined again and it is becoming more and more clear how much money will be required to get into the medical marijuana business in Illinois.
Here are some of the up front costs for an Illinois dispensary:
Application: $5,000
Registration: $30,000
Dispensary agent registration: $100/year
Must have $400,000 in liquid assets and the ability to secure a $50,000 bond or another $50,000 in liquid assets.
Here are some of the up front costs for an Illinois cultivation center:
Application: $25,000
Registration: $200,000
Cultivation center agent registration: $100/year
Product registration: $100/product name
Must have $2 million in escrow or provide a $2 million surety bond IN ADDITION TO $500,000 liquid cash. (This has been widely reported as only a $500,000 requirement, but keen readers of the proposed rules will note the additional $2 million requirement which will only be reduced by $500,000 each time the cultivation center hits certain operational milestones. So, an applicant will need to provide for the $2 million from the beginning and work towards the reduction or elimination of the bond after that.)
These fees are, of course, subject to change.
Plus real estate. Plus build out. Plus inventory. Plus utilities. Plus insurance. Plus security. Plus legal. etc.
The License Law Group can help put you in contact with investors to help you. We're here to help guide you through the entire licensing process.
Get in touch with us today.
by Daniel Rubinow, Principal Attorney
License Law Group