Cook County is making a buzz with the announcement of a new grant program tailored for players in the legal cannabis game. A pot of $3.6 million is up for grabs to assist social-equity cannabis licensees get their operations off the ground, as reported by the Cook County Government.
Spearheaded by the Cook County Board President Toni Preckwinkle, the program looks to bolster the entrepreneurial spirit birthed by Illinois’ green rush since its legalization in 2020. Preckwinkle stated, "With the legalization of cannabis in Illinois, in 2020, this new program will play a pivotal role in putting cannabis-based businesses on a pathway to success." She emphasized the multi-faceted benefits, from keeping small-time possessors out of jail, and clearing criminal records related to cannabis, to now backing businesses in communities hit hardest by past drug policies.
The Cook County Cannabis Development Grant will divide its funding across different business types within the industry. Selected craft growers have the potential to receive $150,000, infusers are looking at $100,000, dispensaries can bag $75,000 and transporters also aim for $75,000, as per the Cook County Government. However, these businesses must have the State of Illinois Adult-Use Cannabis Social Equity license and a commitment to setting up shop in Cook County.
The fiscal fuel for this initiative comes from the Cook County Equity Fund, a pool of resources earmarked for bridging gaps in historically disadvantaged areas. Social-equity license holder Willie J.R. Fleming expressed his enthusiasm saying, “I’m grateful and excited as a social-equity license holder that our Cook County Government was innovative, inclusive, and creative in helping to remove some financial barriers we face in this industry," as stated by the Cook County Government.
The task force in charge has entrusted the Women’s Business Development Center (WBDC) with the job of administering the grants. To get the word out and smooth out any wrinkles in the application process, the Cook County Bureau of Economic Development is hosting webinars on May 29 and June 7, where would-be applicants can gather insights and ask their burning questions about the grant.
