Huge price tag proposed for opening dispensary in Illinois
More evidence that it will be tough for small business and entrepreneurs to enter the marijuana business –
Illinois regulators have just come out with proposed requirements for opening medical marijuana grow centers and dispensaries and they come with a steep price tag. According to an article in the Chicago Tribune, for dispensaries, state officials have proposed a $5,000 nonrefundable application fee, proof of $400,000 in assets, a $30,000 permit fee and a yearly permit renewal fee of $25,000. For cultivation centers, the Department of Agriculture proposed a $25,000 nonrefundable application fee, $250,000 in liquid assets, payment of $200,000 upon approval of a permit and a renewal fee of $100,000.
The proposed regulations are daunting even for established businesses and will likely require close to six figures in additional fees to attorneys, auditors and engineers, the Tribune reported. In addition, dispensary applicants will be scored on a long list of requirements for their business and security plans, including fingerprinting and criminal background checks on owners, operators and patients, and 24-hour video surveillance that must be viewable online by state police and regulators. The regulators are now accepting public comment on the proposed rules.