Cannabis start-up launches in Illinois

Five years ago, CBDs and Cannabis dominated the headlines as tech startups flocked to the space after some US states legalized the sale of recreational cannabis. In 2020 investors pulled back from the space and set their sights on cryptocurrencies and NFTs.

The cannabis space is alive and well. One of these startups is Cannect Wellness, a Chicago-based tech startup and craft marijuana grower that cultivates and produces premium craft cannabis.

Cannect Wellness has closed $7.5 million in equity funding to start in Illinois on Wednesday. The funds will be used to complete the construction of phase one of the 62,000 square-foot, state-of-the-art cultivation and product manufacturing facility located just outside of Chicago.

One of the initial Craft Grower licenses granted by the State of Illinois was received by Cannect Wellness. The company is currently in the process of constructing its facilities and plans to start its operations in the next few months. Cannect Wellness is likely to become one of the first licensees in the state to operate as a Craft Grower.

Cannect Wellness' focus on small-batch, craft cultivation, and product manufacturing sets it apart from larger, more industrial producers in the market.

Singal said the team is committed to producing the purest and highest quality products possible. We use sustainable, organic cultivation practices that not only produce top-quality flower, but are also environmentally friendly. We believe that the cannabis industry has the potential to be a force for good in communities across the country. He said that we are committed to doing our part to make that happen in Illinois.

Jerry Costello II, the Director of the Illinois Department of AgricultureDepartment of Agriculture, said in a statement that the Department is pleased to see the continued successes of investing in an equitable cannabis market in Illinois. Illinois is the leader in social equity and reversed the harms of the war on drugs, and that can be seen in a Craft Grower licensee cohort that are 100% social equity applicants. The Department will continue to partner with licensees to ensure a successful and equitable Illinois cannabis market.