Marijuana and money are officially synonymous in Illinois. The financial gains from Illinois’ medical marijuana program are becoming apparent to state officials.
Potential cultivation centers have a non-refundable $25,000 application fee in which the state pulled in more than $3.9 million from 158 applications. And, if approved, they have to pay a $200,000 licensing fee. The state plans to award licenses to 22 cultivation centers throughout the state over the next few months, which will generate $4.4 million in licensing fees for the state.
Potential dispensary applicants have to pay a $5,000 application fee, and with 211 applications received by the state, they brought in over $1 million. If approved for a dispensary license, the dispensaries will have to pay an additional $30,000 in licensing fees. The state plans to award up to 60 dispensary licenses, which will generate around $1.8 million.
The state has also forced marijuana businesses to pay annual renewal fees that cost $25,000 for each operating dispensary, which will generate $1.5 million per year. Cultivation centers are forced to pay an annual renewal fee of $100,000, which will generate about $2.2 million per year.
The state will also make money from every medical marijuana card approved and sales tax on marijuana sold at dispensaries.