Medical marijuana industry growing in IL
Two years ago, medical marijuana became legal in Illinois. No patients have received treatments yet, but people are investing millions of dollars in the industry.
North of Rochelle, Ill., a big new building looms over cornfields. Soon, marijuana will be grown inside and it will be one of 18 state-licensed marijuana cultivation centers. Pharmacannis runs the facility and has a second location in Dwight, Ill., where marijuana has just begun growing. State laws prohibit cameras inside.
Pharmacannis will soon open a dispensary, possibly in late October, in an Ottawa, Ill., strip mall, where qualified medical marijuana patients will come to buy their products. The dispensary will likely be one of the first to open since the Compassionate Care Act was signed by former Gov. Pat Quinn.
Teddy Scott, Pharmacannis CEO, is a lawyer with a degree in molecular biophysics who left his law practice because, along with his partners, saw a business opportunity. They've invested more than $10 million, but are also fully invested in the medical need.
"Of the four co-founders, each of us has a family member that is a qualified patient, or would be if they lived in Illinois," Scott said.
During a tour of the soon-to-open dispensary, Scott discussed the detailed and highly regulated process that patients will have to undergo to obtain medical marijuana. His facility is outfitted with a highly secure vault to store the marijuana.
Jim Champion has multiple sclerosis and uses marijuana to ease his symptoms. He said the legal use will make things easier for him and others.
"I'm now narcotic free and I'm down to only 12 pills a day for my MS," said Champion, a veteran who was diagnosed 27 years ago.
Champion, who sits on the Medical Marijuana Advisory Board, was the first to sign up for the Illinois program. He and his wife want the state to extend their four-year pilot program. Without added time, their concern is that the licensed sellers may not regain their investments.
There are other uncertainties. So far, only 2,600 people have signed up and been approved for the four-year pilot program in Illinois. That is far fewer than expected. Some believe that numbers will increase once the dispensaries open.
Also, the required ID cards for patients have not been issued. And others are arguing that other medical conditions, such as post-traumatic stress disorder, should also be covered.
But Jim Champion said he's still optimistic.
"There are a lot of moving parts, a lot of regulation," Champion said. "We want to do it right."
Scott agrees.
"Everybody likes things that move fast, but this is a brand new industry," Scott said. "There's a number of people, a number of groups that all need to converge together to get it up and running and we're growing into it right now."
