Pritzker Announces Nearly $32M In Cannabis Loans On 4/20

Gov. JB Pritzker announced Monday — also known as 4/20, marijuana’s unofficial holiday — the recipients of $31.8 million in social equity cannabis loans.

The loans were given through Round III of the state’s Cannabis Social Equity Loan Program to 95 qualified, licensed social equity businesses, including craft growers, dispensaries, infusers and transporters, according to a news release from the Illinois Department of Commerce and Economic Opportunity.

The direct forgivable loans, financed by the state, were given to recipients determined based on factors including social equity status, financial need and resources, and progress toward becoming operational.

The loans have a 4 percent interest rate after an 18-month grace period, but the principal may be up to 100 percent forgivable upon provision of documentation for eligible business expenses.

The prior two rounds of the loan program distributed about $23.3 million.

To view a full list of Round III recipients, visit dceo.illinois.gov/content/dam/soi/en/web/dceo/downloads/dfl-round-3-approved-borrowers-v2.pdf.