Medical Marijuana Investor Concerned About Delay Of Illinois Program
(CBS) – Investors are getting nervous now that the state of Illinois' medical-marijuana program has encountered delays.
Neil Prabhat shows CBS 2's Dorothy Tucker around the proposed future home of the Greenway Herbal Care medical marijuana dispensary.
The Naperville office suite is one of five locations in nearby suburbs that technology entrepreneur Prabhat and a team of investors have applied to sell pot to qualifying patients.
He says they've spent more than $100,000 per site.
That's a total of a half a million dollars--just to be considered. That includes thousands of dollars to rent empty spaces, plus applications fees, zoning, attorney costs and more.
So, imagine the disappointment when outgoing Gov. Pat Quinn left office without awarding any licenses. Newly sworn Gov. Bruce Rauner suggested more delays will occur as his administration studies the new program.
"It definitely doesn't make me happy," Prabhat says.
The medical marijuana pilot program is only four years, and a year has already passed. Whenever the licenses are awarded, it could take another six months to a year before the marijuana is ready to sell.