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Proposed Rules May Hinder Medical Marijuana in IL

Proposed Rules May Hinder Medical Marijuana in IL
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By AP
Apr. 19, 2014 | CHICAGO, IL
By AP Apr. 19, 2014 | 03:54 AM | CHICAGO, IL
Entrepreneurs leaping on the medical marijuana boom in Illinois say the proposed financial requirements discourage, if not prohibit growers from taking advantage of the new law.

The founder of a Bloomington-based eyeglass chain, Nick Williams and his partners, plan to apply for a medical marijuana dispensary license. The entrepreneur says the experience gained from operating 22 eyeglass dispensaries across three states has paved the way to jump on this opportunity.

Williams is concerned that the financial requirements growers are faced with may drive the pot prices up. The new law allows licensed-only cultivation centers to grow medical marijuana.

The law prohibits patients from growing their own supply. In addition the proposed rules require growers to pay $225,000 in first-year fees, have $500,000 on hand and obtain a $2 million escrow account or surety bond.
 
Folks in Illinois have 45 days to offer their opinion and comment on the draft medical marijuana proposal's draft rules.
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