Articles Tagged with The Business of Cannabis

September 2, 2021

First Cannabis Litigation a Wafting Indication of What’s to Come

Illinois Cannabis Business Market

Licenses for a legal cannabis business have been a hot topic lately, and now the the Illinois Supreme Court has made its first ruling related to the byzantine process of obtaining a license for a legalized cannabis business in the state, and it seems likely to be the first of many.

The legislative effort to limit the number of licenses the state issues drives up the value of said licenses to the point where it almost seems to bait those who don’t win the competitions to get one, and who sometimes end up angry and confused as to why.

February 18, 2020

Illinois Dispensaries Need Federal Law Changed So Banks Don’t Just Say No

by George Bellas

Marijuana became legal in Illinois on January 1, yet licensed cannabis dispensaries are generally forced to operate like their street-corner, black-market counterparts in at least one respect: They are cash-only businesses because they have no access to banking services.

Illinois Cannabis Laws create new issues

That’s because federal law still classifies marijuana as a Schedule 1 drug, and classifies marijuana businesses as illegal. And since banking is regulated by federal law, banks technically could be subject to charges like aiding and abetting, or money laundering, should they make loans, provide credit or otherwise service these businesses.

NameEmailPhoneMessage

By clicking 'Submit', you agree to Bellas & Wachowski Attorneys at Law's Terms of Use and Privacy Policy. You consent to receive phone calls and SMS messages from Bellas & Wachowski Attorneys at Law to provide updates and information regarding your business with Bellas & Wachowski Attorneys at Law. Message frequency may vary. Message & data rates may apply. Reply STOP to opt-out of further messaging. Reply HELP for more information. See our Privacy Policy.