Illinois Cannabis Craft Grow Application
Now that cannabis is legal in Illinois, we are starting to see more and more cannabis businesses each year. The state recently granted 40 new craft-grow licenses to those who provided strong applications. Now, businesses with Craft Grow licenses can operate up to 14,000 square feet of cultivation space for cannabis. With that, the winners of Cannabis Craft Grow licenses in Illinois have to raise money, locate property, and build out facilities before they can start selling products.
Production for Craft Grow Establishments in Illinois
Production is often overlooked when it comes to cannabis business applications. Once you win a license, you need to start building your business. Craft Grow establishments in Illinois have a lot of opportunities for growth. For example, your business can start out with 5,000 square feet of cultivation and can grow to as much as 14,000 square feet. These establishments also employ around 20-40 people and cost anywhere from $5 million to $10 million. However, Craft Grow establishments in Illinois can make about $10 million a year in revenue and get up to $40 million at full capacity.
With that, those who won Craft Grow applications in Illinois have to act fast as the state gives these businesses a year to get the facilities open. If you need assistance in raising money and building out property make sure to contact our cannabis consulting firm for an easy process.
Supplies and Materials for a Cannabis Craft Grow Establishment in Illinois
Additionally, you need to acquire specialized supplies and materials for Craft Grow facilities in Illinois. This includes assets such as ventilation, lighting, and security. Suppliers are currently swamped with requests for these materials. Additionally, materials are 50 percent more expensive than last year. Now the overall cost to build a facility tops $300 per square foot.
Our CEO, Michael Mayes, recently spoke to Crain’s Chicago Business about this issue. He states that “everyone in Illinois will be ordering at the same time.”
This causes major demand issues for Illinois Craft Grow establishments.
If you have any questions about supplies for your business or the Illinois cannabis Craft Grow application, contact us.