CHICAGO (WBBM NEWSRADIO) --Ivy Hall recently opened in Chicago’s Bucktown neighborhood.
The self-described cannabis “sensory dispensary” is the first social equity applicant licensee to open in the state of Illinois.
“This is a momentous occasion,” said co-founder Nigel Dandridge. “We're pleased to represent the early stages of a much broader movement toward an equitable cannabis landscape that's gaining momentum from coast to coast.”
Governor JB Pritzker was at the Bucktown dispensary Wednesday morning to celebrate the first of 192 social equity businesses that are expected to open in the next year.
“This is just the beginning,” he said. “We will continue to give our industry leaders the resources that they need to grow, both figuratively and literally, solidifying Illinois as a national and international leader in the cannabis industry.”
That includes a new program that offers direct forgivable loans, making it easier for social equity loan applicants to get the capital they need to open their business.
Pritzker said despite its hiccups and legal obstacles, Illinois has one of the most accessible and equitable cannabis industries in the nation.
Statewide cannabis sales have totaled more than $1.4 billion this year with 25% of tax revenues going directly to neighborhoods that have been impacted negatively by economic disinvestment, violence, and the war on drugs.
“That's more than $144 million going back into the communities that need it most and hundreds of organizations that push us forward,” he added.
All 192 of the state’s social equity licenses have been conditionally approved, and Governor Pritkzer’s office anticipates they will become fully licensed in the coming months.
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