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Tuesday, November 12, 2024

Pontoon Beach/Belleville Cannabis Dispensaries Receive $240,000 Each In Social Equity Loan Program

PONTOON BEACH/BELLEVILLE – A pair of local licensed cannabis dispensaries will receive a significant amount of funds from Round II of the Cannabis Social Equity Loan Program, Gov. J.B. Pritzker and the Illinois Department of Commerce and Economic Opportunity announced on Wednesday, Aug. 14, 2024.

Cookies in Pontoon Beach with an application from Project Equity Illinois, will receive $240,000 in the loan awards. Market 96 in Belleville, with an application from Blunts&Moore, LLC, also will receive a $240,000 loan.

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The second round of loans will total $5.5 million overall throughout the state.

Through the program, 23 qualified, licensed social equity dispensaries are receiving $240,000 Direct Forgivable Loans (DFL) financed by the State of Illinois.

Second round of Cannabis Social Equity Loan Program provides $5.5 million in loans to social equity dispensaries

“Since day one, my administration has put equity at the forefront of building the most accessible cannabis industry in the nation,” said Governor JB Pritzker. “With the Cannabis Social Equity Loan Program, we’re giving social equity licensees the resources they need to grow their businesses – righting decades of injustice while providing opportunities for economic success in our state’s historically disinvested communities.”

After providing approximately $22 million through Round I of the Cannabis Social Equity Loan Program to craft growers, infusers, and transporters, DCEO opened Round II for adult-use dispensaries. Loan recipients are social equity Conditional and Adult Use Dispensing Organizations licensed by the Illinois Department of Finance and Professional Regulation (IDFPR). This round of funding was open to dispensaries who received licenses prior to the July 2023 dispensary license lottery.

“The Cannabis Social Equity Loan Program is actively reshaping the cannabis industry by strengthening businesses, creating jobs, and boosting economic growth,” said Lt. Governor Juliana Stratton. “However, the impact of these investments goes beyond business development. We are demonstrating a tangible commitment to equity, removing barriers and promoting inclusivity in the cannabis sector.

Applicants were selected based on factors including social equity status, financial need, financial resources, and progress toward becoming operational.

“Licensed social equity cannabis dispensaries throughout the state are now benefitting from loans offered by the State of Illinois,” said DCEO Director Kristin Richards. “This Direct Forgivable Loan Program is the latest of a variety of programs designed to promote equity in Illinois’ growing cannabis industry.”

“As part of the Pritzker Administration, we are committed to reducing barriers and ensuring people from all backgrounds – and all of Illinois – have the opportunity to join the most equitable cannabis industry in the country,” saidCannabis Regulation Oversight Officer Erin Johnson. “Today’s announcement means critical funding for dispensaries and applicants across the state to open their businesses and create a stronger cannabis industry, meaning a stronger economy for Illinois.”

Applicant Name

Alternate Name

City

Loan Amount

Blounts&Moore LLC

Market 96

Cairo

$240,000

Blounts&Moore LLC

Market 96

Chicago

$240,000

Blounts&Moore LLC

Market 96

Oswego

$240,000

Blounts&Moore LLC

Market 96

Belleville

$240,000

Do Mor Development, LLC

N / A

Lincoln

$240,000

DSG Opco IL, LLC

N / A

Chicago

$240,000

Fly Society Group of Aurora, LLC

AuraLight

Aurora

$240,000

High Haven Dispensary, LLC

N / A

Elgin

$240,000

Indus365 LLC

Mystic Green – Decatur

Decatur

$240,000

InLabs I LLC

N / A

Springfield

$240,000

Lighthouse Dispensing Company LLC

Herb Social

Chicago

$240,000

Morgan and Hope, LLC

N / A

Chicago

$240,000

Murray Food Services, Inc.

Galaxy 1, Inc.

Richton Park

$240,000

Navada Labs, LLC

Blyss Dispensary

Chicago

$240,000

Project Equity Illinois, Inc.

Cookies Bloomington

Bloomington

$240,000

Project Equity Illinois, Inc.

Cookies Peoria Heights

Peoria Heights

$240,000

Project Equity Illinois, Inc.

Cookies Pontoon Beach

Pontoon Beach

$240,000

River Bluff Cannabis Inc

N / A

Roselle

$240,000

Seven Point of Illinois LLC

N / A

Danville

$240,000

Triumph 7 Investments LLC

Snap Canna

Elk Grove Village

$240,000

Triumph 7 Investments LLC

Snap Canna

Pontiac

$240,000

UHCC Inc.

Bridge City Collective

East Dubuque

$240,000

WAH Group LLC

CloudHaven Dispensary

South Beloit

$240,000

Information on Direct Forgivable Loan Program Structure

Eligibility

Qualified, licensed social equity dispensaries

Selection Process

Selection for funding was prioritized based on factors including social equity status, operational status, and a financial assessment.

Lender

State of Illinois

Interest Rates

4% after an 18-month grace period of no required payments and 0% interest; applicants can also pursue forgiveness prior to accruing any interest.

Options for Forgiveness

The loan principal is 100% forgivable upon providing documentation for eligible business expenses.

Information on Prior Lending Rounds

The Cannabis Social Equity Loan Program is a first-of-its-kind program that was launched with the goal of providing loans to social equity licensees. Through loans made available by DCEO, 33 craft growers, infusers, and transporters were provided approximately $22 million in loans in Round I. 80% of the Round I loans were awarded to Minority and Women-Owned Business (M/WBE) firms, with approximately 84% of the loan amount shares going to M/WBE firms.

 

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