The Cole Memo

The Illinois Department of Commerce and Economic Opportunity (DCEO) announced the second round of the Cannabis Social Equity Loan Program, offering $12 million in Direct Forgivable Loans to qualified, licensed social equity cannabis dispensaries. According to the press release, the program offers loans up to $240,000 for qualified, licensed social equity dispensaries. This initiative, praised by Governor JB Pritzker and Lt. Governor Juliana Stratton, follows a $22 million first round benefiting infusers, transporters, and craft growers. The funding targets dispensaries licensed before the July 2023 lottery, aiming to provide up to 50 loans. Applications are open until April 17, 2024, with a preparatory webinar scheduled for March 5. For more details, visit the official DCEO website.

After providing approximately $22 million through Round I of the Cannabis Social Equity Loan Program to infusers, transporters and craft growers, DCEO is opening Round II for dispensaries. Eligible applicants must be social equity Conditional and Adult Use Dispensing Organizations licensed by the Illinois Department of Finance and Professional Regulation (IDFPR). This round of funding is open to dispensaries that received licenses prior to the July 2023 dispensary license lottery.

To help applicants prepare to apply for funding, DCEO will be holding a webinar (register here) at 11 a.m. on March 5. Interested parties are encouraged to reach out to CEO.CannabisLoan@illinois.gov for application assistance.

Excerpts from Press Release

Read full press release here.

Round one of DCEO funding, which was available to craft growers, transporters, and infusers, has been critiqued by some in the past. You can view a list that DCEO published which should display program participants who received funding during the first round here or below.

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