As we wrote about here, cannabis had a banner night across the country on Tuesday as five states passed ballot initiatives legalizing cannabis in some fashion. Additionally in Illinois, a state that legalized recreational cannabis through legislation, voters signaled their approval of legalized cannabis in a different way. While the election results are not yet final, voters in Batavia, Elk Grove, Glen Ellyn, Mount Prospect, Park Ridge, and Wilmette appear poised to approve the sale of recreational marijuana within those cities. This is significant because it gives applicants for the state’s first round of 75 dispensary licenses more options on where to locate once they are awarded a conditional dispensary license. This, of course, can only happen after the state is able to work its way through the application scoring debacle and corresponding litigation, and actually issues the conditional dispensary licenses. The upside for the cities is obviously the tax revenue the dispensary sales will generate, and based on current sales trends within the state, that tax revenue will be significant.
Stay tuned to our blog as continue to provide updates about the Illinois licensing process and when some of these cities can hope to see the tax revenue generated by dispensaries.
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