If you're like most people, there have been numerous questions circling in your mind about the cannabis industry and whether you qualify as a patient or how much does it cost to run a cannabis business as a business owner.
We have compiled some of the most frequently asked questions about the cannabis industry for your convenience.
I currently hold a valid medical marijuana card out of state. Can I use this card in Illinois?
No. Illinois has not allowed medical marijuana card holders to use any out-of-state cards for benefits here. This means that Illinois does not recognize any state reciprocity. The qualifying patient must hold a valid Illinois card.
I’m a Veteran. Can I receive medical marijuana?
You must provide proof of treatment through medical records from a qualifying physician documenting the last 12 months of treatment. These records can be requested electronically or by mail and must be submitted with the patient’s medical marijuana application form. Note, you also have to have a qualifying medical condition.
My child is very sick. Can they receive a medical card for their condition?
Yes. The child must have a debilitating condition, receive physician certification, and appoint a guardian on their application for approval. See the link before for more information.
I have limited start-up funds but want to start my own Cannabis Business. Can I get a bank loan?
There are many variables that Banks will evaluate when and if a it decides to extend a line of credit. However, if the bank is federally insured, it is more likely than not that they will not extend a line of credit. Banks are afraid of getting involved without any clear federal assurances that they will not be charged with lending money to a cannabis organization.
Illinois, however, has created a social equity component where some fees may be waived and applications fees may be discounted. Therefore, although a bank may not provide a loan, your state may offer some programs that will allow you in on the action. See the Adult Use Cannabis Summary Here.
I’m currently a fully operational Cannabis Dispensary Business. What are the renewal fees?
The renewal fees will differ state by state. In Illinois, the renewal fee is $30,000.00 in addition to other required licensing fees for the early adult use program. However, it’s $60,000.00 in addition to other required licensing fees.
I’m a fully operational Cannabis Cultivation Business. What are the renewal fees?
The renewal fees will differ state by state. In Illinois, the renewal fees are $100,000.00 in addition to other required licensing fees or Early Approval Adult Use.
What is a Qualifying Condition for Medical Use Cannabis?
Some conditions include,
Agitation of Alzheimer’s disease
Amyotrophic lateral sclerosis (ALS)
Chronic inflammatory demyelinating polyneuropathy
See More here!
I want to operate a Cannabis Infused Business. How much is the license in Illinois?
In Illinois, the license fee is $5,000.00. There are other fees that may be required.
I currently own my own trucking company and I'm interested in getting in the cannabis business to make deliveries. Can I do that? How much does that cost to get started?
Yes. Illinois allows the transportation of cannabis. The application fee to get started is $5,000.00.
At SLD, we understand that there are many questions about the Cannabis Industry. SLD is here to help you navigate the cannabis waters and ensure that you stay compliant. See some important links below.
IDPH on the regulation of Veterans:
IDPH on the regulation of Medical Cannabis for Minors:
Article on States that accept out-of-state cannabis medical cards: https://www.marijuanabreak.com/out-of-state-medical-marijuana-cards
This article is a service of SL DeBarros Law Firm, LLC. We offer a wide array of business legal services and can help you make the wisest business choices throughout life and in the event of your death. We also offer a Business Protection Start-Up Session or a Business Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.