New South Beloit marijuana dispensary awarded Illinois ‘social equity’ loan

SOUTH BELOIT, Ill. (WTVO) — A second cannabis dispensary, coming to South Beloit, will benefit from a $240,000 “social equity” forgivable loan from the State of Illinois.

Cloud Haven Dispensary, at 1322 Gardner Street, owned by the Chicago-based Wah Group LLC, was one of 23 dispensaries receiving a portion of $5.5 million in loans through Round II of the Cannabis Social Equity Loan Program.

“With the Cannabis Social Equity Loan Program, we’re giving social equity licensees the resources they need to grow their businesses – righting decades of injustice while providing opportunities for economic success in our state’s historically disinvested communities,” said Gov. JB Pritzker.

Applicants were selected based on factors including social equity status, financial need, financial resources, and progress toward becoming operational.

The Cannabis Regulation and Tax Act defines criteria for “social equity status” as a business that exists in an area “disproportionally impacted” by the War on Drugs; has owners who were arrested or convicted for drug crimes of less than 500 grams of cannabis possession or intent to deliver less than 30 grams; has a parent, child or spouse who was arrested or convicted for minor marijuana offenses; or has more than 10 full-time employees, of whom more than half live in a “disproportionately impacted” area, have been arrested or have family members who have been arrested on drug crimes.

The loans are offered at a 4% interest rate after an 18-month grace period of no payments and no interest, and can be 100% forgiven by providing documentation for eligible business expenses.

Eighty percent of loans from Round I of the program were awarded to Minority and Women-Owned Businesses.

Cloud Haven becomes South Beloit’s second cannabis dispensary. Sunnyside Cannabis Dispensary, at 7000 First Ranger Drive, was the first.

In addition to Dixon’s new cannabis dispensary, Cloud Haven will become the 8th dispensary in the Rockford region.

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