Illinois like many other states requires a lot of form filling and information from owners, but the basic requirements for ownership are:
It's important to know the requirements for ownerships of a cannabis dispensary in Illinois so that you can put together a team of owners who qualify for licensing. Having a team member who does not qualify for licensing could cause denial of licensure and delays in your license application. Because Illinois has a limited number of licenses available, the competition is fierce and having a disqualified application would be the end of your chances for the foreseeable future.
Cannabis Regulation and Tax Act [410 ILCS 705]
Section 1-10. Definitions. In this Act:
"Principal officer" includes a cannabis business establishment applicant or registered cannabis business establishment's board member, owner with more than one percent interest of the total cannabis business establishment or more than 5% interest of the total cannabis business establishment of a publicly traded company, president, vice president, secretary, treasurer, partner, officer, member, manager member, or person with a profit sharing, financial interest, or revenue sharing arrangement. The definition includes a person with authority to control the cannabis business establishment, a person who assumes responsibility for the debts of the cannabis business establishment and who is further defined in this Article.