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CHICAGO (AP) — A medical marijuana grower is giving up at least one of its three Illinois permits after missing a deadline to pay state fees and submit proof of a surety bond, officials said Friday.
Green Thumb Industries LLC had an option to buy land near the northwest Illinois city of Dixon but canceled it, according to John Thompson, president of the Lee County Development Association.
A GTI spokeswoman declined to comment to the Chicago Tribune (http://trib.in/1DZFsMq ). A representative of the state Agriculture Department, which oversees cultivation centers under the new medical marijuana law, confirmed GTI missed a Wednesday deadline.
The state required a $200,000 fee and a $2 million bond or escrow account for each permit. The warehouses where the plant is grown must be operating within six months or the licensees may forfeit the bond to the state.
GTI also plan cultivation centers in Rock Island and LaSalle counties. Thompson said GTI officials told him they preferred not to pay for all three permits partly because of a small Illinois market; there are only about 1,000 confirmed patients so far.
"A lot (of investors) are thinking, do we want to put this much money into it if the market isn't there?" Thompson said.
Lawmakers approved medical cannabis use for patients with debilitating illnesses last year, and Gov. Bruce Rauner has given out licenses for 18 cultivation centers and 54 retail shops thus far. But at least two lawsuits challenging the licensing procedures have been filed by unsuccessful applicants.
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Information from: Chicago Tribune, http://www.chicagotribune.com
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