Benzinga - by Adam Eckert, Benzinga Staff Writer.
Illinois was the first state in the U.S. to fully legalize adult-use cannabis through legislation, setting a precedent for the rest of the nation.
Illinois Gov. J.B. Pritzker highlighted the importance of that initiative Thursday in a keynote address at the Benzinga Cannabis Capital Conference in Chicago.
"Welcome to the greatest city in the greatest country in the world," Pritzker told the packed crowd.
Cannabis Reform: The Cannabis Regulation and Tax Act, enacted in 2020, was years in the making and very carefully planned out, the Illinois governor said.
The legislation has helped Illinois become the home of some of the largest cannabis companies in the country, creating more than 30,000 jobs along the way.
The state also righted its wrongs by expunging over 800,000 low-level marijuana possession charges. Pritzker also personally pardoned tens of thousands of people who had been convicted.
"We couldn't just legalize cannabis and say that our work was done. We had to address the trauma inflicted by the war on cannabis and the war on drugs more broadly, which incarcerated thousands ... and tore apart families and neighborhoods in the process," he said.
The people have benefited greatly from Illinois' cannabis movement and so has the state. Illinois is taking the revenue generated from its legal cannabis industry and investing it in the communities that were previously harmed by misguided regulations.
More than $144 million has already gone back into the communities that need it most, as well as into hundreds of organizations that help push Illinois forward, the governor said.
Turning A New Leaf: Other states that have legalized cannabis have used revenues to build multibillion industries that have largely helped the rich and lack diversity, he said, but not Illinois.
"Here in the Land of Lincoln we're trying to do things differently. We're attempting to produce a cannabis industry that is reflective of our overall goal of achieving genuine equity," Pritzker said.
The state has established a cannabis social equity program, which aims to ensure that those who were impacted by the war on drugs have the opportunity to take part in and benefit from the cannabis industry.
Pritzker told the audience that Illinois is inspiring the next generation to pursue a brighter future.
"Job one for me and for our state is always to focus on growth and profitability, but here in Illinois, we can also accomplish that while also proudly paving a future that makes a real difference for people and a difference in the world," he said.
Related Link: EXCLUSIVE: MariMed CEO Discusses Evolving Illinois Cannabis Market, Rescheduling
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Illinois Gov. J.B. Pritzker speaks Thursday at the Benzinga Cannabis Capital Conference. Photo by Carlos Alvarez.
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