Efforts To Make Cannabis Industry Equitable Are Paying Off In These Two States

Illinois' Legal Marijuana Industry Booms

According to a new annual report from the Illinois Department of Financial and Professional Regulation (IDFPR), the legal cannabis industry in Illinois experienced remarkable growth in fiscal year 2023.

Year-to-date the state's retail cannabis footprint was boosted by 28 new dispensaries that launched cannabis sales.

Moreover, the Prairie State kicked off 2023 by announcing record-breaking cannabis sales for the calendar year 2022, totaling more than $1.5 billion.

"These new licensees entering the market are ownership groups that are not connected to the existing medical cannabis and same-site dispensaries," the report says. "With this comes increased diversity at all levels of dispensary ownership, employment, and products offered, as explained further in this report."

Illinois Governor J.B. Pritzker discussed at Benzinga at the Cannabis Capital Conference in Chicago in late September the meticulous approach to cannabis licensing in Illinois that aims to rectify historical disparities and facilitate the inclusion of those most affected by the war on drugs.

The governor outlined legislative advancements within the state that aimed at cannabis decriminalization and clearing prior convictions, which unlocked new socio-economic prospects for over 800,000 Illinoisans.

"Thousands [of] arrest records have been expunged due to the work that I did to get this passed," Pritzker told Benzinga. "And then I've pardoned over 20,000 people; again, all these are low-level cannabis convictions or arrests that took place."

New Jersey Empowers Cannabis Operators With $12 Million In Grant Money

Fourty-eight licensed cannabis operators in New Jersey will receive $12 million in grant money to help them establish and expand their businesses, reported Marijuana Moment.

Each licensee will receive $250,000. The New Jersey Economic Development Authority (NJEDA) called the move "the largest cannabis social equity grant of its kind in the nation."

The grants round now has double the amount initially planned. NJEDA first planned to select only 24 companies for the funds, but Gov. Phil Murphy (D) allocated additional funds, allowing twice as many companies to receive the money.

 "The Cannabis Equity Grant Program allows us to simultaneously expand the pool of cannabis businesses in our state while also focusing on those communities most impacted by the unethical War on Drugs," Murphy said in a statement.

Photo: Courtesy of NikolayFrolochkin and ganjaspliffstoreuk by Pixabay