(IL) Marijuana rules would require $500K to open

[Jesus Malverde]

llinois regulators have come out with proposed requirements for opening medical marijuana grow centers and dispensaries — and they come with a steep price tag that advocates say could be costly for consumers.

For dispensaries to sell the pot, state officials proposed a $5,000 nonrefundable application fee, proof of $400,000 in assets, a $30,000 permit fee and a yearly permit renewal fee of $25,000.

For cultivation centers, the Department of Agriculture proposed a $25,000 nonrefundable application fee, $250,000 in liquid assets, payment of $200,000 upon approval of a permit and a renewal fee of $100,000.

The costs are sure to eliminate a lot of potential entrepreneurs, said Joseph Friedman, a pharmacist from Lincolnshire who hopes to open a dispensary.

"Probably 50 percent of the wannabes are now out," he said. "This is going to bring out just the serious players who are well-capitalized and well-credentialed."

Read More: http://www.chicagotribune.com/news/local/ct-medical-marijuana-rules-met-20140211,0,1530418.story