Investors Rush to Beat Deadline to Medical Marijuana Application Forms in Illinois

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Investors Rush to Beat Deadline to Medical Marijuana Application Forms in IllinoisIndividuals who are interested in opening medical marijuana businesses in Illinois rushed to beat the 3 p.m. deadline to submit their applications on Monday.

Applicants stood in line carrying documents just before the state offices opened early Monday morning, according to Melaney Arnold, a spokeswoman for Illinois medical marijuana program.

“A lot of applicants waited until today to file,” Ms. Arnold told the Associated Press. “The applications are voluminous with boxes of documents and even more information on flash drives.”

The Department of Agriculture and the Department of Financial and Professional Regulation handled applications for growing centers and dispensaries. The state agencies are expected to reveal how many applicants submitted their forms later this week.

Illinois’ new medical marijuana initiative took effect on Jan. 1, though the first plants will only be grown when grower permits are awarded later this year. The law bars patients from cultivating their own marijuana. The growers are expected to fork a 7 percent tax on all medical marijuana sales.

Illinois plans to issue a maximum of 21 permits for growing centers and a maximum of 60 dispensary licenses. Cultivation centers are required to pay a non-refundable application fee totaling $25,000 and $200,000 as a first-year registration fee.

Elsewhere, in Connecticut, the first shipments of medical marijuana were sent to retail dispensaries in the state on Monday. Theraplant LLC, which is one of the only four manufacturers that are licensed in the state, started delivering the marijuana on Monday and hence making it the first to do so in the state.

Other licensed manufacturers include Simsbury-based Curaleaf LLC, West Haven-based Advanced Grow Labs LLC and Portland-based Connecticut Pharmaceutical Solutions LLC. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com