Interests in Chicago Medical Cannabis Dispensaries


People have been interested in the medicinal benefits of Chicago medical cannabis dispensaries since learning about them in pharmacy school. So I paid attention when California became the first state to legalize the medical use of cannabis in 1996. I continued to take notice as more states passed medical marijuana legislation.

However, the 60 Minutes segment inspired me to turn my interest into a business. I decided to apply for one of 60 licenses to open and operate a medical marijuana dispensary in my home state of Illinois as soon as they become available in 2014. Many other steps had preceded it. I’m a registered pharmacist with an MBA and more than 15 years of pharmacy and business experience. I’ve held senior director of pharmacy positions with major procurement and distribution companies. I have a passion for sales, marketing, negotiations, business development, and relationship management, and have used my entrepreneurial spirit to create new business lines, call centers, retail outlets, and services — all for other people.

Industry challenges
Opening any new business, even in a mature industry, is complicated. However, opening Chicago medical cannabisdispensaries in a brand-new industry with significant challenges goes beyond complicated. Even in states that have legalized medical marijuana, licensed and registered medical marijuana growers, distributors, and patients are breaking federal laws under the Controlled Substances Act every day. Because of warnings from the U.S. Justice Department, banks are reluctant to open bank accounts for or lend money to legal medical marijuana businesses.

By enforcing section 280E of the tax code, the IRS denies legal medical marijuana companies the ability to take standard business deductions on their federal taxes. It’s difficult to find investors for companies that can be audited and taxed out of existence. There are no consistent standards, rules, or regulations for any aspect of the medical marijuana business. The conditions it can be used for, the amount of drug a patient can possess, where it can be cultivated – these considerations and more vary wildly from state to state.

There are legions of people who claim to know how to help business owners and who are more than happy to take their money. Very few people actually know anything and are able to provide good counsel. Finding them is a bear.

A growing industry
In spite of substantial roadblocks, state legislatures continue to pass laws legalizing Chicago medical cannabisdispensaries. They want and need the tax revenue and jobs. Forbes estimates that the medical marijuana market was worth $1.7 billion in 2011 and expects it to be a $9 billion industry. That doesn’t count revenue from recreational use. There may be more than 2.4 million medical marijuana patients currently registered in the United States. Forbes suggests that there may be 24.8 million potential patients.


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