Cannabis has been a hot topic in the state of Illinois with the delay in the issuance of licenses to social equity applicants. With many of the licenses set to be released this summer many have begun to look at what will be the next wave of opportunities in cannabis and how can social equity applicants cash in on this round of the cannabis industry.
IGTM Education partnered with Cresco to discuss and inform business owners, potential business owners, and potential employees about opportunities in the consumption lounge space in the state of Illinois.
The licenses for consumption lounge are much more attainable, as you are not saddled with a long drawn out licensing application process.
Cresco Labs provided 2 experts in the cannabis industry who provided over an hour of discussion regarding compliance and POS systems. A live demonstration of Biotrack ( a pos system) was provided for all of the attendees to see and ask questions regarding the operation of the software.
Compliance specialist Daniel Cipparronne of Cresco Labs spoke on the importance of compliance with the State and the penalties if you don’t follow the rules and regulations. Daniel also spoke on the different laws in different states and how laws change a lot making compliance and staying updated all the more important.
The panel consisted of:
- Berwyn Thompkins / IGTM Education
- Reggie Boyson / North Chicago Consumption Lounge
- Nikki Daily / Cannabis Films
- Daniel Cipparronne / Cresco Labs
- Victoria Williams / ACC Transportation
- Chavonne Carter / Taking Your Life Back
Panelist Reggie Boyson spoke on his aspirations to open a cannabis lounge in North Chicago. He gave insight into the process of how to form a team and how to approach some of the municipalities to begin the process of obtaining a consumption lounge.
Panelist Berwyn Thompkins of IGTM Education spoke on how Nevada is in the process of expanding their consumption lounge program and how he hoped to mirror some of the same things that Nevada is planning to implement into law.
Consumption lounges are the next source of revenue in cannabis as sales of cannabis have eclipsed over a billion in sales the last 2 years. In Illinois cannabis sales tax has surpassed alcohol tax revenues. Meaning consumption lounges could very well supplant bars as a leading revenue generator in the entertainment market.
IGTM Education will be hosting their next consumption lounge panel July 27th CLICK HERE to attend.