Topic: COVID-19

Where’s the Money At? Industry Cash Crunch Exacerbated by the Pandemic

If you’ve been following the cannabis industry in 2020, you’ve likely heard the term “cash is king” more than once. This has become the industry consensus as stocks (mostly traded in Canada) began to slide after some disappointing earning numbers in the middle of 2019. That, in turn, resulted in decreased valuations and a reduction in investment capital.

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Not So Blind Item – The IDFPR is in a Pickle Over Its Tiebreaker Rule

Many in Illinois have been waiting with bated breath for the Illinois Department of Financial and Professional Regulation (IDFPR) to issue new (conditional) adult use cannabis dispensary licenses and it appears that wait may not end anytime soon. By way of background, under the Cannabis Regulation and Tax Act, an ambitious and precedent-setting social equity centered piece of legislation, these license were to be issued before May 1, 2020.

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You Won an Illinois Dispensary License, Now What?

In early January, Illinois received thousands of applications for adult-use cannabis dispensary licenses. Only 75 of those applications will be granted a license…eventually. Although the Illinois Cannabis Tax and Regulation Act (the Act) required the Illinois Department of Financial and Professional Regulation (IDFPR) to issue the licenses before May 1, 2020, Governor J.B. Pritzker and the IDFPR have delayed their issuance indefinitely due to the ongoing COVID-19 crisis.

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The Joint Status Report, A Cannabis Industry Podcast Presented by Locke Lord – Season 3, Episode 1

In the first episode since the coronavirus pandemic began, Doug and David discuss how cannabis has evolved from criminal to essential (1:50), how the lack of access to federal stimulus funds has impacted cannabis companies (6:35), and a recent Forbes article from Kris Krane detailing how legalized cannabis could serve as a jolt to the economy (12:33).

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Coronavirus Fallout: April Recreational Sales Rise in Some States, Decline in Others

As we previously discussed on our blog (here, here, and here), the cannabis industry, like most industries, is facing challenges related to the coronavirus pandemic. For example, recreational marijuana dispensaries in Massachusetts were not deemed to be essential businesses and were therefore required to close under the state’s emergency order.

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