The Illinois Department of Financial and Professional Regulation (IDFPR) is responsible for regulating cannabis dispensaries within the state. It controls the licensing process for prospective dispensaries through a lottery system.
In this process, anyone wishing to open a dispensary must pay an application fee. The cost varies depending on whether or not a business meets at least one of the social equity criteria, which can be found here.
A business that meets one of these requirements will pay a $2,500 application fee and a two-year license fee of $30,000. Those that do not meet these criteria will pay a $5,000 application fee and a two-year license fee of $60,000.
In 2020, the state had licenses available for 75 businesses. This number is subject to change each year at the discretion of the IDFPR. Applicants must submit their materials before the window closes and must pay the fee up front.
If you need additional information regarding state-specific payment processing regulations for Illinois, contact a Paybotic representative for clarification.
Many of the country’s largest banks decline to work with cannabis businesses due to their illegality on the federal level. At Paybotic, however, we specialize in financial services for those in the cannabis industry. Our team can help Illinois-based retailers streamline their payment and banking processes through services like:
Our team is able to process most applications within 48 hours of filing. We work with all types of cannabis businesses—from MMJ delivery services to product retailers. Paybotic offers comprehensive solutions for scaling and managing your cannabis business while remaining in compliance with your local laws. Call or send Paybotic a message today if you have any questions regarding our services!