Scammers have always been a part of the cannabis black market, and the legal market now has brought an entirely new set of scammers to the industry. The Illinois Department of Financial and Professional Regulation (IDFPR) today warned individuals in a press release of “social equity criteria license lottery scams.”

IDFPR encourages individuals to be vigilant about any solicitations to become a potential business partner for the Social Equity Criteria License Lottery (SECL). More information on the SECL is available here.

In particular, IDFPR warns that scammers may say they are looking for partners who qualify under the social equity criteria in order to steal their target’s personal information (such as bank account numbers, Social Security numbers, and credit card numbers). IDFPR encourages all potential applicants to do their due diligence on any partnerships and beware of any partnership offers from unknown persons or companies. Individuals are encouraged to look up unknown companies through an internet search, through the Better Business Bureau, or with the Illinois Secretary of State.

Individuals who want assistance with the SECL process are encouraged to contact the Department of Commerce & Economic Opportunity’s technical assistance providers. If an individual wish to speak to an attorney regarding business formation or other legal questions, contact the Illinois State Bar Association for assistance in locating an attorney.

If concerned someone you know is the victim of fraud, deception, or unfair business practices, please notify the Office of the Illinois Attorney General through its online submission form. For more Illinois cannabis industry news, visit here.

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