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Article € Thompson Coburn Llp: What's New For Medical Cannabis Facilities After The Cannabis Regulation And Tax Act

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Article – Thompson Coburn LLP: What’s new for medical cannabis facilities after the Cannabis Regulation and Tax Act

Authored by T.O. Odutayo & Kevin Young

On June 25, 2019, Illinois Governor J.B. Pritzker signed into law the Illinois Cannabis Regulation and Tax Act (“CRTA”), making recreational cannabis use legal for adults 21 and older. Additionally, the CRTA addresses the following topics relevant to facilities currently operating under Illinois’ 2013 Compassionate Use of Medical Cannabis Pilot Program Act (the “MCPPA”):

Early approval and secondary site applications for medical dispensaries; Early approval applications for medical cultivation centers; and The impact of the social equity component of CRTA on medical facilities. Medical dispensaries

Existing medical cannabis dispensaries in good standing under the MCPPA as of the Effective Date of the CRTA – June 25, 2019 – may apply for an Early Approval Adult Use Dispensing Organization License (“Early Approval Dispensing License”) which allows such dispensaries to sell cannabis for adult-use in the existing facility. Applications may be filed within 60 days of the Effective Date of the CRTA. Applications that comply with the below-listed requirements will receive an Early Approval Dispensing License within 14 days of the State’s receipt of the completed application. Applications must include:

Payment of non-refundable $30,000 fee; Proof of good standing as a registered medical cannabis dispensary; Certification that applicant will comply with requirements of MCPPA; Legal name and physical address of dispensing organization; Certain personal information of each principal officer and board member; Payment of a Cannabis Business Development fee equal to the lesser of 3% of applicant’s total sales between June 1, 2018 and June 1, 2019, or $100,000; and

Source: https://cannabislaw.report/article-thompson-coburn-llp-whats-new-for-medical-cannabis-facilities-after-the-cannabis-regulation-and-tax-act/

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