Illinois Just Racked Its First $21 million for social equity loan applications. This could have been NY
Illinois Just Dropped the Mic for 2020. While NY still stalls its residents as well as let our bill be copied and pasted into Chicago’s legislation. States like Illinois break the bank as we say in NY, leaving the rest of the states in the dust as they say, bowing their heads in shame, since all states belong to a United Corporation why not jump on the wagon shameful faced states like California, Boston, Colorado, Nevada, Washington DC, Maine etc., Where do you stand? the world is watching. This is what you call leading by example, other states should take notes. NY should be the first since they built a whole DNA bank on pothead arrest. Illinois’s cannabis legalization law created the Cannabis Business Development Fund, which will make low-interest loans available for qualifying applicants. The funds come from the licensing fees paid by existing dispensaries and cultivators. The governor’s cannabis control person, Toi Hutchinson, said the program has gotten attention around the world and “as far away as New Zealand to talk about what Illinois did, because every equity program … usually fails when there’s no capital invested behind it.”
This was New York’s Bill.
Yes this was New York’s Bill the very same bill that is being implemented in Illinois with homegrown and possessions. This bill was a direct copy and paste although nothing can be done, except for hope that New York’s governor Cuomo does the right thing . I understand that the North East is the North East one cannot antagonize another. However we need legalization now, I understand that trafficking is the major upset here. However we can copy and paste some other states bill. Now that shameful things like that have become an acceptable norm.
There social equity program is to be envied I must say, it is an equity program like that and better that NY needs they are leading by example . Congratulations Illinois! yes, you did drop the jaw’s of everyone watching. To get a state loan in Illinois, eligible applicants must be from areas with high numbers of cannabis-related arrests, or have been arrested for cannabis, or have a parent, child or spouse who has a cannabis conviction. Businesses at least 51 percent owned or controlled by one or more eligible people also can apply. As can businesses with more than 10 full-time employees if half of those employees come from areas disproportionately impacted by the war on drugs or who have previous cannabis convictions. State officials expect the fund to eventually surpass $30 million. Hutchison said the loan program was just one aspect of how the recreational cannabis law will help reverse some of the harms from the war on drugs. “So the No. 1 barrier to entrance is access to capital and we created a revolving loan to help seed social equity applicants,” Information on the applications is available from the Illinois Department of Commerce and Economic Opportunity.
The Cannabis Summit last October gave hint that something good is coming. I as a native New Yorker would be ecstatic if they at-least make an announcement and didn’t implement sales until 2021. Hey! at this point I would be so happy to see it happen for 4/20 but beggars cannot be choosy. In the meantime that the only state that has not uttered a peep about legalization has been Connecticut.