How to Win Cannabis Licenses in Illinois
Our CEO at Quantum 9, a cannabis consulting company in Illinois, was recently interviewed by the Forbes Business Council. Interest in the cannabis industry is on the rise as 5 new states legalized either adult-use or medical marijuana programs within the November elections. In October 2020, Illinois brought in more than $75 million, according to the Illinois Department of Financial and Professional Services. Also, this industry is stable during a pandemic. Now, investors have an interest in large cannabis markets and want to know how to win cannabis licenses in Illinois.
Current Cannabis Cultivators in Illinois
New cannabis cultivators in Illinois consider themselves craft growers. Additionally, craft growers are limited to 5,000 square feet of production capacity. With that, 100 new licenses are available to new operators. In addition, new operators within the market need to act quickly. The first round of applications will reward up to 40 new craft grow locations either this year or early next year. Finally, the demand for these licenses is high, and putting together a winning application can take up to a year.
Sections that are scored within the application process include business plans, financials, security, recordkeeping, operations, community impact, diversity, quality assurance, and the strength of your team. Having experience in the cannabis industry is also a plus. So, those interested in how to win cannabis licenses in Illinois need to have strengths within all of those categories.
Tips on How to Win Cannabis Licenses in Illinois
Michal Mayes provides tips on how to be successful within the cannabis industry in Illinois. Here are some of the steps you need to take in order to obtain a cannabis license in a highly-competitive, merit-based state submission process:
- Mayes claims that capital is king. It can buy any holes or deficiencies in your submission
Build a Team
- You need to build a team that includes C-level, skilled positions, and social equity applicants. Also, the social equity applicant component is incredibly important if you want to know how to win cannabis licenses in Illinois. For more information on social equity, make sure to contact our cannabis consultants at Quantum 9.
Use Cannabis Consulting in Illinois
- Most high net-worth individuals do not have the time to complete cannabis applications in Illinois. Also, a quality cannabis consulting team helps you win a cannabis license in Illinois.
Find and Design the Facility
- Many applications require architectural drawings and high-traffic retail areas for dispensaries are costly. With that, make sure to have a plan for this.
All in all, if you want to know how to win cannabis licenses in Illinois, you need to have a team of people to help you. If you want to start a cannabis business in Illinois, make sure to contact our team of cannabis consultants.