Friday, the Illinois Department of Financial & Professional Regulation (IDFPR) released its Annual Cannabis Report for fiscal year 2023. The 20-page report included a summary, 2023 accomplishments, goals for fiscal year 2024, and several charts and statistics.
The summary of the report focused almost exclusively on Illinois’ social equity dispensary licenses and the Social Equity Criteria Lottery (SECL). The summary stated, “the Illinois Department of Financial and Professional Regulation worked diligently to open as many social equity dispensaries as possible, while also creating opportunities for new licensees to enter the market.” The summary continued, “IDFPR strives to put social equity at the forefront of our regulatory practices” and “IDFPR stands ready to continue issuing dispensary licenses and is committed to promoting social equity, safety, and growth into the regulated cannabis market.”
In FY2023, 28 new dispensaries that were not connected to existing dispensaries opened for business in Illinois. In nearly four years, IDFPR has issued 48 social total equity dispensary licenses and conducted the SECL for 55 more conditional licenses that included almost 2,700 entrants. The 28 new dispensaries, however, fell well below the “ambitious goals” IDFPR stated in the FY2022 Cannabis Report. Last year’s report stated, “First and foremost, the Department intends to issue at least 185 new Adult Use Dispensing Organization Licenses, all of which qualify as social equity applicants.”
Another unreached “Essential Projects” goal from last year’s report included the implementation of “a new ‘Seed to Sale’ program that has been modernized to better serve the people of Illinois.” This goal was again listed as one of the Essential Projects for FY2024. IDFPR’s goals for next fiscal year include:
FY2024 Goals
Issue 55 conditional licenses to the top participants from the SECL
Hire and onboard 8 new inspectors and processors to decrease the time to license individuals and businesses
Increase public outreach with the industry, newcomers to cannabis, advocacy groups, and the general public
FY2024 Essential Projects
Implement a new Seed-to-Sale System
Implement the comprehensive rules under the CRTA filed in August of 2024
Implement a public education outreach initiative to help facilitate market growth and public knowledge of Illinois cannabis and Illinois dispensaries
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