Pritzker Administration Announces Fourth Month Sales Totals For Illinois Adult Use Cannabis

State’s new adult-use cannabis industry generated more than $37 million in sales in April

ILLINOIS: The Illinois Department of Financial and Professional Regulation has announced preliminary numbers show statewide adult-use cannabis sales in April totaled $37,260,497.89. Dispensaries across the state sold 818,954 items over the 30-day period. Sales to Illinois residents totaled $29,735,650.41, while sales to out-of-state residents totaled $7,524,847.47. These figures do not include taxes collected. A portion of every cannabis sale will be reinvested in communities harmed most by the failed war on drugs.

Medical and adult use cannabis dispensaries remain open as part of the essential businesses and operations named in Governor Pritzker’s executive order signed on March 20, 2020. Both sides of the cannabis industry were included to ensure the cannabis supplier industry protects medical cannabis patients during the COVID-19 pandemic. Additionally, the revenue generated by adultuse cannabis sales funds the important social justice and equity goals at the core of Illinois’ adult-use law.

“Our top priority is to ensure consumers are safe when they go to a dispensary to purchase cannabis,” said Toi Hutchinson, Senior Advisor for Cannabis Control to Gov. Pritzker. “The steps we’ve taken to increase social distancing at dispensaries are accomplishing that, while also enabling this new industry to continue to grow. As such, curbside pickup will remain an option for medical cannabis users to obtain the product they need through May 30.”

Dispensaries are permitted to sell medical cannabis outside of their limited access area on their property or on a public walkway or curb adjacent to the dispensary. Medical cannabis patients will be able to continue to utilize their designated caregiver to purchase medicine for them. However, dispensaries may not deliver medical cannabis to a patient or caregiver’s home. These rules do not apply to adult-use cannabis sales; those must still take place inside the limited access area. A complete list of the rules extended may be found here.

Illinois: Pritzker Administration Releases 2019 Hemp Harvest Numbers

ILLINOIS: The Illinois Department of Agriculture (IDOA) has released final harvest numbers from the 2019 hemp growing season. IDOA issued 651 Hemp Growers licenses for the 2019 season. All but 137 of those licensees planted at least an acre during the inaugural season resulting in over 2.27 million pounds of total yield, with 73% of acres planted being harvested.

“We are encouraged by these yield numbers and optimistic for the 2020 growing season,” said Jerry Costello, IDOA Acting Director.  “The Department has been diligently working to open markets for growers to sell their hemp.  We recently developed a policy allowing licensed hemp growers to sell product to licensed cannabis cultivators for use in medical and adult-use cannabis products.”

Harvest numbers have been broken down into four distinct categories and a fifth to account for undefined variables in reporting.  Farmers reported harvesting 1,482,489 pounds of Biomass, 595,128 pounds of flower, 65,489 pounds of seed and 15,107 pounds of stalk.  Biomass and flower are typically used for their CBD oil, stalks for industrial uses, and seed will be planted this year or used for hemp seed oil.

The Illinois Department of Agriculture is currently accepting applications for the 2020 Hemp growing season.  If you are interested in growing or processing hemp, please visit our website.

Illinois: Pritzker Administration Announces Revenue Figures For First Month Of Adult Use Cannabis

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ILLINOIS: The Illinois Department of Revenue announced that adult-use cannabis sales generated $7,332,058 in cannabis tax revenue during the month of January, with an additional $3,147,928.29 generated in retail sales tax revenue. Governor Pritzker’s recently released budget conservatively estimated the state would collect $28 million in cannabis tax revenue during the remainder of the fiscal year, ending June 30, 2020. Today’s announcement puts the state on track to surpass that estimate.

Once administrative fees are accounted for, 45% of the adult-use cannabis tax revenue will be reinvested in communities disproportionately impacted by the failed war on drugs and used to fund substance abuse and mental health programs. The $3,147,928.29 in sales tax revenue will be divided between the state’s general revenue fund and the local governments where purchases were made.

“Today marks another milestone in the successful launch of Illinois’ legal cannabis industry. Our goal has been to build the nation’s most socially equitable program that includes new opportunities for the communities most harmed by the failed war on drugs. Revenue raised in this first month will soon begin flowing back into those communities to begin repairing the damage done by the failed policies of the past and creating new opportunities for those who have been left behind for far too long,” said Toi Hutchinson, Senior Advisor to Governor Pritzker for Cannabis Control.

The state collects cannabis revenue in two ways: a variable excise rate dependent on THC potency and type of product, and a 7% cultivators excise tax imposed on the sale of cannabis to retailers. Earlier this month, the state announced that over $39 million in adult-use cannabis product was sold at retail stores.

Last Wednesday, Governor Pritzker released his Fiscal Year 2021 budget, which projected cannabis sales would generate $28 million in cannabis tax revenue for the remainder of Fiscal Year 2020 (ending June 30, 2020). As the industry matures, revenues are estimated to grow to $127 million in FY21, of which $46 million will go to General Funds.

Background:

CANNABIS TAX RATES

• Cannabis Cultivation Privilege Tax:

o 7% of the gross receipts from the sale of cannabis by a cultivator or a craft grower to a dispensing organization

• Cannabis Purchaser Excise Tax:

o 10% of the purchase price – Cannabis with a THC level at or below 35%
o 20% of the purchase price – All cannabis infused products
o 25% of the purchase price – Cannabis with a THC level above 35%
o This tax is not imposed on cannabis that is subject to tax under the Compassionate Use of Medical Cannabis Pilot Program Act.

ALLOCATION OF STATE REVENUE

• Minus administrative costs, the remaining state revenue will be allocated as follows:

o 35% for the General Revenue Fund,
o 25% for the Criminal Justice Information Projects Fund to support the R3 program,
o 20% for the Department of Human Services Community Services Fund to address substance abuse and prevention, and mental health concerns,
o 10% for the Budget Stabilization Fund to pay the backlog of unpaid bills,
o 8% for the Local Government Distributive Fund to support crime prevention programs, training, and interdiction efforts, including detection, enforcement, and prevention efforts, relating to the illegal cannabis market and driving under the influence of cannabis, and
o 2% for the Drug Treatment Fund to fund public education campaigns and to support data collection and analysis of the public health impacts of legalizing the recreational use of cannabis.

Cresco Labs Names Former Molson Coors Marketing Executive Greg Butler Chief Commercial Office

ILLINOIS: Cresco Labs, one of the largest vertically integrated multi-state cannabis operators in the United States, today announced a high-profile leadership hire to support its steadfast commitment to building the most important cannabis company in the U.S. Greg Butler joins Cresco Labs as its first Chief Commercial Officer. Greg brings to Cresco Labs a strong background in driving brand growth for top-tier CPG companies including Pfizer, Johnson & Johnson and Molson Coors, wellness retail execution for Walgreens, and business growth and capital management strategic advising for leading private equity portfolio companies.

In this newly created position, Greg is responsible for demand and commercial strategic planning, bolstering Cresco Labs’ sales and marketing teams with top talent, leading the launch of all new products and innovation, brand M&A and integration, and driving enterprise strategies to deliver on the company’s vision to be the most important cannabis company in the U.S. among patients, customers, consumers and industry stakeholders.

“One of the key components of our success is the ability to strategically curate a leadership team with both institutional expertise and the highest caliber of subject matter experts across different industries—from retail to healthcare to beer to CPG,” said Charles Bachtell, CEO of Cresco Labs. “Greg has a remarkable general management pedigree and an impeccable reputation from his work driving growth for the world’s most iconic brands. Cannabis is an industry where his background in patient marketing, wellness retail, corporate planning and traditional CPG brand building are all necessary to deliver growth, and I couldn’t be more pleased to add these capabilities to our arsenal for driving long-term value. Greg’s addition strengthens an already accomplished team that’s well positioned to usher in the next generation of normalized and professionalized cannabis.”

After a year serving as Operating Partner at MNML Ventures, an affiliate of Cresco Labs, Greg has stepped into a full-time CCO role to continue to execute the long-term growth plan that has already delivered significant results. He led the creation of a pioneering occasion-based portfolio strategy, relaunched seven cannabis brands with new brand positionings, identities and packaging design, oversaw the creation of a multi-year innovation pipeline, and drove the concepting and launch of the national Sunnyside* retail brand. He also helped reshape Cresco Labs’ robust marketing, retail operations and sales teams that are made up of notable hires from Apple, Starbucks, PepsiCo and Red Bull.

“The results of Greg’s leadership speak for themselves,” says Tom Manning, Chairman of the Cresco Labs Board of Directors. “He oversaw the Miller portfolio and developed a commercial strategy for the billion-dollar Miller Lite brand, delivering 13 quarters of sustained growth after years of declining sales. He also has launched innovation consumer campaigns for global brands that drove share growth and has won a wide range of awards from the Cannes Lions International Festival of Creativity to the Effie Awards.”

Greg graduated from Queen’s University and received his MBA from Harvard Business School.

“Throughout my career, I’m most energized by the opportunity to support the entrepreneurism of small companies in hyper-growth mode with the discipline and proven strategies of large CPG brands. After my first conversation with Charlie about his vision for Cresco Labs, I knew the opportunity to help navigate its strategic growth was the perfect fit,” said Butler. “Cresco Labs is reimagining the way consumers and patients look at the cannabis industry, and I’m excited to be part of its extraordinary mission and enhance the impact the company has already made.

Cresco Labs Makes History On January 1st With First Sale Of Adult-Use Cannabis In Illinois

ILLINOIS: Cresco Labs, one of the largest vertically integrated multistate cannabis operators in the United States, announced today that the Company served 3,145 people on New Year’s Day at its five Sunnyside* Dispensaries located in Lakeview, Elmwood Park, Champaign, Buffalo Grove and Rockford, Illinois. Sunnyside* also sold 9,258 cannabis products, including Cresco’s house of brands and items from other Illinois suppliers, with an average ticket price totaling $135.

Customers began to form lines outside Sunnyside* locations as early as 8 PM on New Year’s Eve, and lines wrapped around the buildings throughout the day as recreational customers showed their excitement to be part of this historic day. The dispensaries opened at 6 AM to immediately start serving recreational customers, with the first sale in the state of Illinois taking place shortly thereafter at Sunnyside* Lakeview. Jacqueline Ryan from Forest Park was the first customer to purchase adult-use cannabis, followed by siblings Elise and Aaron Swopes, two participants in Cresco’s Chicago incubator program, which is part of the Company’s SEED (Social Equity and Educational Development) initiative, and Illinois Lt. Gov. Juliana Stratton, who played a critical role in shaping the state’s cannabis legislation.

“We’re ecstatic for our Sunnyside* dispensaries to begin serving recreational customers on such a historic day that launches a new era of cannabis and the development of an industry that will bring greater justice, social equity and business ownership opportunities throughout the state,” said Charlie Bachtell, Cresco Labs CEO and Co-founder. “With 13 million residents and 100 million annual tourists, Illinois is predicted to be one of the largest recreational cannabis markets in the United States. Cresco is uniquely positioned in the supply-constrained state, with permission for the largest cultivation footprint at 630,000 square feet and ten retail dispensaries, including three in high traffic areas in the city of Chicago.”

Joe Caltabiano, Cresco Labs President and Co-founder, added, “We’re thrilled to be part of this historic day and to witness firsthand so much excitement from people on the first day of legal cannabis sales. Our dispensaries served thousands of customers on day one by educating new cannabis consumers, making product recommendations and making sure they had a seamless shopping experience. With five newly re-concepted Sunnyside* locations and an additional five dispensaries opening soon in high profile locations such as one next to Wrigley Field and two in Chicago’s downtown Central District, we expect to serve thousands more customers in response to strong demand. Our Sunnyside* concept is designed to move traffic efficiently, so despite the fact that long lines will likely continue in the first few days of adult-use legalization, we are positioned to ensure that each of our customers gets only the best possible service and the products they are looking for. Cresco is already the leader in Illinois, and we expect to be able to maintain this leadership position as the recreational cannabis market grows, contributing solidly to our overall revenue and our profitability.”

Cresco Labs Announces Opening Of VidaCann Dispensaries In Pensacola And Jacksonville

Cresco-Logo_BlueILLINOIS:  Cresco Labs, one of the largest vertically integrated multi-state cannabis operators in the United States, today announced the opening of new VidaCann medical cannabis dispensaries in the cities of Pensacola and Jacksonville, Florida. With the opening of the new dispensaries, VidaCann now has 12 operating dispensaries throughout the state of Florida. Cresco Labs has entered into an agreement to acquire the ownership interests of VidaCann, one of the largest and most advanced providers of medical cannabis in Florida. The acquisition of VidaCann is expected to close within the next 30 to 90 days, subject to the satisfaction of customary closing conditions including approval by the Florida Department of Health.
“Since announcing the acquisition in March, VidaCann has continued to execute on the expansion of its retail footprint,” said Cresco Labs CEO and Co-founder Charlie Bachtell. “The new dispensaries in Pensacola and Jacksonville provide a retail presence in two of the largest cities in Florida, which will improve our ability to capitalize on the very strong growth in the Florida market with more than 10,000 new patients being registered each week. Upon the closing of the acquisition, we project that Cresco Labs will have the fifth largest network of retail dispensaries in the state of Florida, which will provide us with an immediate meaningful presence in this market and an excellent platform for driving future growth. By the end of 2019, we expect to have up to 20 dispensaries operating in Florida, and that number will grow significantly in 2020 when our license converts to an unlimited number of dispensaries.”

New Dispensary Locations and Hours of Operation

Pensacola
2401 Langley Ave, Unit A
(850) 741-2895
Monday through Friday 10:00 a.m. – 7:00 p.m., Saturday 10:00 a.m. – 5:00 p.m., closed on Sunday

Jacksonville
5298 Sunbeam Road, Unit 6
(904) 337-0554
Monday through Friday 10:00 a.m. – 7:00 p.m., Saturday 10:00 a.m. – 5:00 p.m., closed on Sunday

In addition to Pensacola and Jacksonville, VidaCann operates dispensaries in Orlando, St. Petersburg, Port Charlotte, Bonita Springs, Tampa, Tallahassee, Daytona Beach, Deerfield Beach, Bradenton and Palm Bay.

With over 30 premium strains, each VidaCann dispensary offers a variety of products including flower, tinctures, capsules, vapes and concentrate syringes in a range of cannabinoid ratios from completely non-psychoactive to higher levels of THC.

 

Illinois Passes Transformative Adult-Use Cannabis Legalization with Sales Starting January, 2020

ILLINOIS: Cresco Labs Inc., one of the largest vertically integrated multistate cannabis operators in the United States, today provided comments on the legalization of adult-use cannabis in its home state of Illinois. Cresco Labs CEO & Co-Founder Charlie Bachtell served on the Cannabis Legalization Subcommittee of Illinois Governor JB Pritzker’s transition team as the sole representative for cannabis operators in the state.

“The legislation passed today legalizing adult-use cannabis in the state of Illinois beginning in 2020 represents a thoughtful expansion of access to cannabis in Illinois and we expect it will have a positive impact on both social justice issues and from a tax revenue perspective by expanding the employment and ownership opportunities for cannabis businesses in the state,” said Mr. Bachtell. “As the current market leader in the rapidly expanding medical-use cannabis program in the state, we look forward to also serving what will no doubt represent one of the largest adult-use cannabis customer bases in the U.S. The legalization of adult-use cannabis continues to be strongly supported by voters across the country and the legislation passed in Illinois represents a good model for other states to legalize cannabis by statute rather than developing a program only after a ballot initiative is passed. Cresco Labs fundamentally supports legalized and responsible access to cannabis, as we have seen proof of the resulting societal benefits of lowering crime rates and helping curb opioid addiction and fatalities. We’re very excited about the new opportunities adult-use cannabis will bring to Illinois and we’re also anticipating some very beneficial improvements to the existing medical program as well.”

Mr. Bachtell continued, “This legislation also includes important social equity provisions that are close to our collective heart at Cresco Labs. These provisions will enable a broader segment of our population to pursue employment opportunities in the growing cannabis industry. As the first company in the cannabis industry to introduce a comprehensive national social equity & education initiative (SEED), we are fully committed to supporting the social equity provisions within the current legislation. Our team has already taken the initiative to partner with community organizations to hold expungement events, created educational programs for college students on the fundamentals of the cannabis industry and launched a community impact incubator to assist with funding and support for people wanting to own businesses in this emerging industry.”

Illinois Adult-Use Legislation

The legislation passed by the state of Illinois legalizes cannabis for adults 21 years and older, beginning on January 1, 2020. It is forecasted that the Illinois adult-use market will be 10-20 times the size of the state’s medical program.

Illinois is currently the fifth most populous state in the U.S., with a population of nearly 13 million. Cresco Labs currently has a presence in 11 states including four of the five most populous states1.

Impact on Cresco Labs in Illinois

Under Cresco Labs’ current medical-use license in Illinois, it will have the ability to open five additional retail dispensaries for the sale of adult-use cannabis, bringing its total number of dispensaries in the state to 10 and the total cultivation footprint to three facilities, the maximum any one company is permitted to have.

The market share leader in Illinois, Cresco currently distributes its suite of wholesale brands to every dispensary in Illinois:

  • Cresco  an everyday cannabis brand with above-average quality
  • remedi  products designed for the medically-minded patient, with forms similar to traditional pharmaceuticals
  • Reserve – a premium cannabis line
  • Mindy’s Artisanal Edibles  a line of culinary-backed, cannabis-infused edibles created by James Beard Award-winning chef Mindy Segal
  • Mindy’s Kitchen  a line of fun, fruity confections

Cresco Labs Named A 2019 Best Place To Work By Crain’s Chicago Business

ILLINOIS: Cresco Labs Inc., one of the largest vertically integrated multi-state cannabis operators in the United States, today announced that it was named one of the 2019 Best Places to Work in Chicago. Crain’s Chicago Business partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees. Since 2008, Crain’s has highlighted the local companies rated highest by their own employees. The full Best Places to Work in Chicago list will be featured in the April 15th issue of Crain’s Chicago Business and is showcased online at www.chicagobusiness.com.

Cresco-Logo_BlueCresco Labs is honored by our inclusion on Crain’s Best Places to Work list, and we applaud our employees’ dedication, drive and thriving work ethic that fuels our Company’s fast-paced ambition in the evolving cannabis industry. We strive to make our workplace a comfortable environment that keeps our employees energized and working to peak performance,” said CEO & Co-Founder Charlie Bachtell. “Cresco’s core mission is to normalize the cannabis industry, and that speaks to the type of employees we have today and those we want to attract and retain over the long term. We recruit new employees from leading healthcare, manufacturing and consumer packaged goods companies, and therefore our corporate culture and work environment rivals the best corporate atmospheres that our employees are familiar with and expect from their employer.

“From our onboarding process that makes new employees feel immediately welcome, to comprehensive training programs and best-in-class incentives, our employees become immediately integrated into the Cresco family the day they start,” Bachtell continued. “From then on, our employees are continuously educated through informational seminars on developments in the cannabis industry and within our Company. Importantly, every one of our employees is offered significant personal growth and advancement opportunities as well as a quarterly review process that empowers them to deliver feedback used to improve processes and productivity and enhance their daily work environment.”

Cresco Labs offers competitive salaries as well as a highly competitive benefits package that includes a 401K plan, unlimited vacation days and a comprehensive healthcare insurance program. Cresco also offers a casual dress code, flexible work schedules along with frequent social events to promote teamwork and department comradery.

For certain employees that work long hours at their computers, Cresco provides ergonomic chairs, stand-up desks and dual monitor workstations to ease back and neck pain and to make work life easier on the eyes.

Currently, Cresco Labs has nearly 125 full-time employees in the Chicago metropolitan area and 750 full-time employees nationally.

Harvest Health & Recreation To Acquire Verano, Creating One Of The Largest U.S. Multi-State Cannabis Operators

ILLINOIS: Harvest Health & Recreation, a vertically integrated cannabis company with one of the largest footprints in the U.S., is pleased to announce that it has entered into a binding agreement to acquire Verano Holdings, an arm’s length third party, one of the largest privately held multi-state, vertically integrated licensed operators of cannabis facilities, in an all-stock transaction for an estimated purchase price of approximately USD $850,000,000 based on a share price of CND $8.79.

The combined company will be one of the largest multi-state operators in the U.S., as measured by licenses held and facilities permitted. Upon completion of the transaction and regulatory approval, Harvest will hold licenses that will allow it to operate up to 200 facilities in 16 states and territories across the country, including 123 retail dispensaries.

Harvest’s planned acquisition of Verano will include:

  • Licenses and operations in 11 states and territories, including seven cultivation licenses, 37 retail licenses and potential to reach 150+ million Americans;
  • Vertically integrated, cash-flow positive operations;
  • Proven executive team with retail, manufacturing, branding, logistics and operational experience and 300 employees. Hiring for approximately 300 new positions in 2019 with a focus on hiring minorities, women and veterans;
  • Game changing ethanol extraction technology at pharmaceutical grade levels providing new market opportunities for cannabis biotech, food and beverage verticals;
  • Portfolio of premium proprietary brands with 150 + product SKUs sold in 150 + retail locations;
  • Total cultivation expansion capacity of 900,000 sq. ft in Illinois, Nevada & Maryland;
  • Ownership of an interest in nine Zen Leaf™ dispensaries with average annual revenues 2.5x higher than retail cannabis industry averages;

Following completion of the transaction, the combined company is expected to be operating 30 dispensaries, eight cultivation facilities and seven manufacturing facilities, with expected further aggressive operational expansion. By the end of 2019, Harvest expects to have over 70 dispensaries, 13 cultivation facilities and 13 manufacturing facilities in operation. The company expects continued growth in 2020.

“The combination with Verano fits perfectly with our vision of creating the world’s most valuable cannabis company,” said Jason Vedadi, Executive Chairman of Harvest. “We are confident that this is an opportunity to continue to leverage each of our company’s strengths and drive continued shareholder value, while at the same time achieving the scale we know will give us a leadership position in one of the largest cannabis markets in the world.”

“This is a natural match between like-minded entrepreneurs who have built our companies from the initial facilities into two of the largest MSOs in the U.S., with an unwavering focus on operational excellence, superior quality products and service, and delivering value to customers and shareholders,” said George Archos, Verano Co-founder and CEO. “Our growth and unique positioning in key markets allowed us to evaluate some of the largest players in the space, but we only had one unanimous choice for a major transaction and that was Harvest.”

“Verano has been creating a brighter way for cannabis production, products and health and wellness by assembling a stellar team of experts drawn from the cannabis industry and the top echelons of Fortune 500 corporations,” noted Sam Dorf, Verano Co-founder and Chief Growth Officer. “We are excited to join forces with Harvest to leverage each of our strengths to share the benefits of cannabis in innovative new ways with an ever increasing customer base. Verano and Harvest independently have always focused on business fundamentals to drive year over year growth in both revenue and EBITDA. Together, we expect to accelerate that momentum and raise the bar even higher for the industry.”

The newly combined company plans to continue hubs of operation in both Arizona and Illinois and merge key leadership talent to create a team of the most professional operators in cannabis. Both companies have recently attracted management expertise across consumer-packaged-goods, beverage, spirits, logistics, branding, horticulture, and extraction technologies from some of the largest most influential companies in the world, all supporting the companies’ explosive growth. Similarly, the combined company expects to grow new and existing brands throughout its expanded territory.

“From day one, we have operated as a fundamentally sound business focused on consistent revenue and profit growth. We are excited to bring Verano’s premium brands and operations into Harvest,” said Steve White, CEO of Harvest. “We have the unique opportunity to create truly national brands by deploying these products within the future combined footprint of states and dispensaries. Most importantly, we share the same mission as one new company to improve people’s lives through the goodness of cannabis.”

Pursuant to the binding agreement entered into between Harvest and Verano on March 10, 2019, the parties agreed to enter into a definitive agreement within the next 30 days (the “Definitive Agreement”).

Upon closing, Verano shareholders will receive, in the aggregate, a combination of Harvest subordinate voting shares and Harvest multiple voting shares as mutually agreed between the parties, acting reasonably, for a total estimated purchase price of USD $850,000,000 based on a CSE share price of CND $8.79. It is anticipated that the acquisition will close in the first half of 2019.

Closing is subject to the negotiation and execution of a Definitive Agreement, applicable shareholder or unitholder approval, approval of the Canadian Securities Exchange, as well as any other approvals that are customary for a transaction of this nature. There can be no assurances that the transaction will be completed as proposed or at all. Harvest and Verano have agreed to a mutual termination fee in the amount of US $20 million in the event either party fails to enter into the Definitive Agreement within 30 days from the date of this agreement (other than as a result of an uncured breach by the other party). The transaction was negotiated entirely at arms-length. Verano has approximately US$3.2 million in long term debt which will remain in place following completion of the transaction. Further, completion of the transaction will not result in a change of control of Harvest.

Eight Capital is acting as Harvest’s financial advisor in connection with the transaction and INFOR Financial Inc. is acting as financial advisor to the special committee of Harvest’s board of directors. In addition, Eight Capital and INFOR Financial Inc. have each provided an opinion to the board of directors of Harvest that, as of the date of the opinion and subject to the assumptions, limitations and qualifications on which the opinions were based, the consideration being paid by Harvest in connection with the Transaction is fair, from a financial point of view to Harvest.

 

Illinois Releases Proposed Industrial Hemp Regulations

ILLINOIS: Proposed rules for the regulation of industrial hemp production and processing were published today in the Secretary of State’s Illinois Register.

Illinois Department of AgricultureIllinois Department of Agriculture (IDOA) staff have been busy drafting those proposed rules since Governor Rauner signed the Industrial Hemp Act into law in August. This new law allows individuals or corporations licensed through IDOA to cultivate industrial hemp. IDOA will also register individuals or corporations that will process industrial hemp.

Now that the proposed rules have been published, IDOA is accepting comments during a 45-day First Notice public comment period. The proposed rules will then be considered by lawmakers at a Joint Committee on Administrative Rules, or JCAR, committee hearing. As soon as the rules are finalized and approved by JCAR, IDOA will begin accepting applications for industrial hemp licenses and registrations.

Click here to read the proposed industrial hemp rules and for instructions to submit public comments.