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SOURCE Prairie Wellness Fund, Ltd.
CHICAGO, July 14, 2014 /PRNewswire/ -- Today three Chicago entrepreneurs announced the creation of the Prairie Wellness Fund, Ltd., a private debt fund that will provide financing and liquidity to applicants for the newly created medical marijuana licenses that were established by Illinois law last year. Specifically, Illinois law allows for sixty medical marijuana dispensaries and twenty-two cultivation centers to be located across the state. The law permits adults to obtain up to 2.5 ounces of medical marijuana every two weeks if they are using it to treat specified medical conditions.
But the financial requirements to apply for a license and to pursue a cultivation center and/or dispensary are substantial. For each cultivation center, the new law requires not less than two million dollars to be held in escrow, along with an additional five hundred thousand dollars in certified funds. Requirements for the dispensary licenses are also substantial.
Chicago Attorney, Thomas C. Cronin, Hedge Fund Industry Veteran Michael Griffin and Political Consultant Stephen J. Denari have created Prairie Wellness Fund, Ltd. to provide precisely the debt financing and related credit needs for applicants who wish to pursue a license to cultivate and/or dispense approved medical marijuana. Prairie Wellness Fund, Ltd. will provide the very financing and liquidity that worthy applicants need to pursue this new exciting opportunity for medical development in Illinois. The principals are currently encouraging qualified applicant teams to contact the Fund directly.
The Illinois Joint Committee on Administrative Rules (JCAR) is holding its meeting on Tuesday, July 15, 2014, at the Michael A. Bilandic Building, 160 North LaSalle Street, Room 600-C at 10 A.M. to address the new Medical Cannabis rules and licensing procedures. The principals of Prairie Wellness Fund, Ltd. will attend the meeting to hear the announcement of the new Rules directly from JCAR and to meet any qualified applicants who may also be in attendance.
For more information, contact:
Michael Griffin at 773.284.8704
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