The Cannabis Regulation and Tax Act requires Early Approval Adult Use License holders to complete a Social Equity Inclusion Plan before they can renew the license in March of 2021. There are five options for a license holder:
1) Contribution of 3% of total sales from June 1, 2018 to June 1, 2019 or $100,000, whichever is less, to the Cannabis Business Development Fund;
2) Contribution of 3% of total sales from June 1, 2018 to June 1, 2019 or $100,000, whichever is less, to a cannabis industry training or education program at an Illinois community college as defined in the Public Community College Act;
3) Donation of $100,000 or more to a program that provides job training services to persons recently incarcerated or that operates in a Disproportionately Impacted Area1 ;
4) Participation as a host in a cannabis business establishment incubator program approved by the Department of Commerce and Economic Opportunity, and in which the dispensing organization agrees to provide a loan of at least $100,000 and mentorship to incubate a licensee that qualifies as a Social Equity Applicant for at least a year; or
5) Participation in a sponsorship program for at least 2 years approved by the Department of Commerce and Economic Opportunity in which the dispensing organization agrees to provide an interest-free loan of at least $200,000 to a Social Equity Applicant. If a license holder selects options 4 or 5, the Department of Financial and Professional Regulation will ensure the license holder is currently engaged in the Social Equity Inclusion Plan at the time of the renewal. If, at the time of renewal, a license holder who selected option 4 or 5 and who has not begun complying with either Plan, may make a contribution as allowed by options 1 through 3 to qualify for a renewal. To discover more, read out guide on how to apply for a dispensary license in Illinois.