Illinois’ cannabis legalization law is set to go into effect in January and will usher in what proponents hope is the most socially just legalization framework in the nation. “We’ve spent decades decimating communities and destroying lives with the war on drugs,” said State Representative Kelly Cassidy. “For us it was really more about equity and ensuring that we are repairing harm.” The state’s law allocates resources to minority communities and areas of the state that have been impacted the most by past crackdowns on marijuana. It also attempts to reduce the barrier to entry for entrepreneurs in hopes Illinois can lead the charge toward a more equitable cannabis industry, by giving them a leg up to compete for 75 licenses the state will begin to issue in May. “This industry has the potential to be a generational wealth-building opportunity,” said Brian Scruggs, an entrepreneur in the sector. Yet it remains to be seen if Illinois’ law will allow affected communities to capture a share of the cannabis wealth, and if it can, as Cassidy put it, address the “buffet of problems” associated with marijuana justice.

Share:
More In Business
Survey: Americans Are More Worried About Credit Access
Americans said credit was harder to access last month, according to a survey from the New York branch of the Federal Reserve. The March Survey of Consumer Expectations found that “respondents were more pessimistic about future credit availability as well, with the share of households expecting it will be harder to obtain credit a year from now also rising.”
The Day Ahead: Earnings, Fed Minutes
Cheddar News breaks down what to expect on The Day Ahead, as earnings from Albertsons and Carmax are on tap to be released while Fed minutes are due on Wednesday ahead of its meeting next month.
What to Know About Tax Extensions
Karla Dennis, CEO and founder of Karla Dennis & Associates Inc., joined Cheddar News to explain what's needed in order to file for a tax extension and avoid penalties.
Irrigreen CEO Discusses Company's Smart Robotic Sprinkler System
Irrigreen, an irrigation system startup that develops robotic sprinkler systems for homeowners and recently, recently secured $15 million in seed funding. Shane Dyer, CEO and co-founder of Irrigreen, joined Cheddar News to explain the benefits of the company's system that saves water with less equipment.
What to Expect in the Market Ahead of This Week's Economic Data
Stocks closed mixed ahead of the release of more economic data. Matthew Johnson, president of Johnson Wealth & Income Management, joined Cheddar News to also weigh in on last week's jobs data and the status of the country's labor market and what that could mean for another Fed decision.
Load More