Illinois officials recently released the Annual Cannabis Report for Fiscal Year 2024. The 144-page report, compiled by the Cannabis Regulation Oversight Office (CROO), incorporates data from several state departments. This article focuses on the Department of Financial & Professional Regulation (IDFPR) portion of the report, which touts FY2024 as  “a year of explosive growth in the cannabis industry” in Illinois.

IDFPR cites the explosive growth by stating that 82 new dispensaries open for business in the last year, the single-largest expansion of cannabis dispensaries since the program first started with the Compassionate Use of Medical Cannabis Program Act (CRTA) in 2014. The report also touts, as more evidence, Illinois’ $2,007,401,374 in sales during the past fiscal year. “Additionally, with over 220 dispensaries now licensed, the newly licensed dispensaries under the social equity lotteries have achieved parity with the market initially established for medical cannabis dispensaries,” the report states. “This growth has allowed for the creation of new jobs, increased access to cannabis for consumers, and shows the State’s commitment to social equity in its cannabis programs.” According to the Department of Agriculture (IDOA), around 30 percent of businesses that have been awarded cannabis licenses are actually operational.

Other citations for the “explosive growth” include that “IDFPR was able to work with both the Joint Committee on Administrative Rules (JCAR) and industry stakeholders to promulgate a comprehensive set of rules under the CRTA. These rules bring further clarity and transparency to IDFPR operations by laying out policies and procedures in a clear and concise way. Additionally, hearing feedback from both legislators, constituents, and stakeholders at all levels, IDFPR has started the process to implement a new licensing system. The Department will transition to this updated system throughout the next two years.”

During Fiscal Year 2025, “IDFPR is anticipating inspecting and approving to open approximately 80 additional dispensaries from the 2021 lotteries. IDFPR is also committed to working with those who received Conditional Adult Use Dispensing Organization licenses in 2023’s Social Equity Criteria Lottery to open their doors as new dispensaries and begin serving customers. Further, IDFPR will be expanding its cannabis staff to better suit the rapidly growing industry and continue providing a high level of service. Finally, IDFPR as an agency is adopting a new licensing system to better serve our constituents, including cannabis businesses and their employees.”

IDFPR FY2025 goals include:

1. Continue working with CROO and the legislature to pass legislation to expand access to cannabis for medical patients. (Find detailed information about this topic here.)
2. Work with remaining conditional license-holders to transition to fully operational dispensaries serving both medical patients and adult use customers.
3. Hire additional staff to better serve industry and constituents. IDFPR FY2025 Essential Projects
4. Finalize contract for and begin implementation of new Seed-to-Sale System.
5. Work on implementation of new licensing system.
6. Implement the newly promulgated rules for the CRTA.IDOA

A summary for FY2024 updates includes:

1. 47 Additional Conditional Licenses Issued.
2. New staff approved and hiring process started for additional inspectors, license processors, and other staff.
3. Increase public outreach with the industry, newcomers to cannabis, advocacy groups, and the general public.

Summary of FY2024 initiatives includes:

1. Implement a new Seed-to-Sale System.
2. Implement the comprehensive rules under the CRTA filed in August of 2024.
3. Implement a public education outreach initiative to help facilitate market growth and public knowledge of Illinois cannabis and Illinois dispensaries.

The annual cannabis report also includes data and feedback from several other state departments, including the Department of Agriculture (IDOA), State Police, Department of Public Health (IDPH), Department of Revenue, Department of Human Services (IDHS), and Department of Commerce and Economic Opportunity (DCEO). Check back soon for articles detailing information in the report from these departments. For more Illinois cannabis industry news, subscribe to Illinois News Joint’s newsletter here.

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