State law doesn’t prohibit the new licensees from unloading for millions of dollars and potentially “giving it away to the white boys again,” one critic said.
The applicants waited for more than a year for a chance to jump into Illinois’ booming weed industry.
But now that they have won lucrative licenses to open marijuana dispensaries, craft grow operations or other related businesses, some could sell the licenses before ever opening up — potentially collecting millions in the process.
With the state’s troubled pot licensing process careening toward a conclusion, corporatized weed firms and other cash-rich buyers are now expected to go after the new licenses — many of which are slated to go to so-called social equity applicants, a designation created to boost diversity in the lily-white weed industry.
Rickey Hendon, a former state senator who won a dispensary license in last week’s lottery, acknowledged he and other companies are now entertaining a host of proposals to sell to owners with deeper pockets. A court order in a pending lawsuit has, however, blocked the formal issuance of the pot shop permits for now.
“Of course some of the smaller companies are listening to all kinds of offers,” said Hendon, who became a de-facto spokesman for social equity candidates after they were shut out of the initial licensing process a year ago. “I’m listening to all kinds of offers.” [Read More @ The Chicago Sun Times]
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