Sketching an approximate timeline for the marijuana business, a set of rules and regulations for the marijuana industry has been formulated and approved by the lawmakers in Illinois.
The lawmakers say that the individuals or organizations, interested to undertake the business of cultivating and selling cannabis will be allowed to submit application for the license in September. It is expected that, within the period of one month, the regulatory authorities will be formulating a merit mechanism for the candidates.
As mentioned in the Marijuana Business Factbook, with the launch and successful running of the marijuana business, the state of Illinois is expected to generate the revenue of $25 to $45 million annually from the sales of the drug.
The newly approved administrative rules state that, in September and October, the patients having the last name starting with A to L will be allowed to apply for the registration cards, while the remaining individuals will go for it during the next two months.
The regulations, proposed by the lawmakers several months ago, have finally been granted approval by the Joint Committee on Administrative Rules (JCAR). Under these regulations, the entrepreneurs seeking permission to set up dispensaries will be required to pay a licensing fee of $30,000 whereas their liquid assets have to be of $400,000 worth. The marijuana growers, on the other hand, will be asked to pay $200,000 as licensing fee while the requirement for their liquid assets is $500,000.
According to these administrative rules, it will be mandatory for the growers to pay a 7 percent privilege tax on the sales of the product.
A cannabis test center will be established in one of the labs at the Illinois Department of Agriculture. Here, the marijuana plants will be tested for their potency, vulnerability to diseases as well as the effects of pesticides on them.