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Illinois Applications Bring In More Than $5 Million From Potential MMJ Business Owners

Illinois Applications

The Illinois application period for potential medical marijuana business owners has closed, and with more than 350 applications submitted, the state brought in more than $5 million in non-refundable application fees.

A total of 369 applications were filed, 211 for dispensaries and 158 for cultivation centers. There is about a 1 in 3 chance of receiving a license for the 60 dispensaries and a 1 in 7 chance for the 21 cultivation centers.

Of course the odds will vary throughout the state; more densely populated areas are likely to have more competition than rural areas, but competition has been fierce throughout the state in the months leading up to the application window. Municipalities have increasingly seen medical marijuana facility proposals on their agendas as business owners sought recommendations from the cities, towns and counties.

Representatives of the pilot program are happy that they received a large number of Illinois applications to help them select the best candidates for licenses. The state hopes to award licenses by the end of the year.

 

About Michael Mayes

As Chief Executive Officer for Quantum 9, Inc., Michael has assisted in funding some of the largest commercial cannabis projects in the world. Michael has been a cannabis investor since 2009 in Colorado’s first legal for-profit cannabis market. As the co-founder and CEO of Quantum 9, Inc., Michael has spent years designing technology and collaborating with countless consultants on the forefront of the cannabis industry. Collaborating with the brightest minds and contributing to world-class organizations has been an incredibly enlightening and rewarding experience for him. Also, he has amassed a comprehensive and award-winning team engaged globally for public policy best practices through the prioritization of environmental sustainability and patient care. Michael is a member of the International Cannabinoid Research Society (ICRS), contributor to Marijuana Business Daily, quoted in the Chicago Tribune, Tampa Tribune, Yahoo Finance, Tampa Tribune, Sativa Magazine, CBC and the Daily Herald. His media appearances include several CBS and WGN appearances and international presence on BNN Commodities in Canada. On the public policy front, Michael and his team were instrumental in their work of drafting the Kentucky Medical Marijuana Bill for Senator Perry Clark. Most recently, Michael taught a class for the International Pharmaceutical Academy in Toronto, Canada. He spoke on Cannabis Pharmacology, and the effects cannabis has on the endocannabinoid system.

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