City staff members and some other members of the planning and zoning board made it clear that the proposal met all the standards and regulations adopted in 2019 to become Prospect Heights’ only permitted recreational marijuana dispensary. ![]() For example HOME Bar calls itself an Arlington Heights venue, even though is a Prospect Heights location with an Arlington Heights mailing address.Ĭhairman Danielle Dash opened the hearing, stating the hearing’s purpose was to establish whether the proposed business met the city’s conditions for a permit, and not to debate either the adult use of marijuana or state or local laws regarding adult recreational use of marijuana. In fact, many businesses use their Arlington Heights mail address for marketing purposes. The proposed dispensary location is near an Arlington Heights-Prospect Heights border that is jagged and sets a confusing area regarding jurisdiction. The proposed location for the Prospect Heights Zen Leaf™ is 0.5 mile west of John Hersey High School and 0.7 mile east of Thomas Middle School. “I am skeptical that we’ll see a truly plant-touching company listed on one of the exchanges this year.The dissenting vote was from Commissioner Janet Saewert, who expressed that she agreed with many members of the public who are critical of the site’s proximity to Arlington Heights-located public schools John Hersey High School and Thomas Middle School. “I think that we have a good chance of getting some cannabis reform passed through Congress in the next two years,” Berlin said. exchanges unwilling to list companies that sell a federally controlled substance. Grossman said the promise of a more favorable federal regulatory environment under the Biden administration, from less restrictive banking laws to full legalization, may be emboldening investors and unleashing pent-up demand.īut Eric Berlin, an attorney with the Chicago-based cannabis legal team at the law firm Dentons, said trading may still be exiled to Canada for a few more years, with the U.S. “The capital forming around the business is important, because it tells you that people see the upside, and they see the potential going forward,” said Andy Grossman, head of capital markets for Green Thumb, which has a market capitalization of about $8 billion. Green Thumb, which began trading in Canada in 2018, broke new ground with an initial public offering last week registered with the Securities and Exchange Commission, with an undisclosed institutional investor buying $100 million worth of the subordinate voting shares. The regulatory climate may be changing, however. The appetite for investing in the cannabis industry is growing, but has been limited because the substance remains illegal under federal law, which has discouraged some banks from lending money and forced public companies to trade in Canada. Research firm Euromonitor projects legal cannabis sales will more than triple to $98 billion globally by 2025. So I think that you have seen some of the strongest multistate operators come out of Chicago.” “And for the first time you had some real entrepreneurs that were business-oriented that entered the cannabis industry. “Illinois started its program as one of the most heavily regulated the industry,” Archos said. The company, led by Joe Caltabiano, co-founder and former president of Cresco, plans to use the proceeds to buy existing cannabis businesses across the U.S.Īrchos said stricter Illinois regulations weeded out less business-savvy operators and helped Illinois companies succeed in other states as well. A fourth Chicago-based company, Choice Consolidation, filed an updated prospectus last week looking to raise $150 million through an initial public offering, also on the Canadian exchange.
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