Business in Chicago seems to be on a high, perhaps quite literally. This seems to be in particular due to the success of the recreational marijuana industry. On January 1 of this year Dispensary 33 started selling and immediately brought in a large revenue.
Local business executives and employees working nearby have noticed a jump in their own sales. One staff member of SoFo Tamp close by said that people waiting to get into the Dispensary end up “buying a couple of drinks” in the meantime. In addition, Jenny’s Nail Salon reported having “picked up a couple of new customers” due to the traffic at the Dispensary.
As well as being beneficial to other local businesses, it is also expected to impact the local economy given the tax revenues coming from the first month of sales, valued at $40 million.
While every good story has the naysayers, Dispensary 33 is no different. There have been some complaints from those saying they are against having a store selling pot in their midst but overall it seems the economic benefits are outweighing the disapprovals.
Furthermore, people from outside of Chicago are coming to visit so that they can make their purchases, and, of course, while in the Windy City will make other purchases, utilize local services and ultimately spend quite a bit of money while there. Some financial experts believe that this could lead to a huge revitalization in the area which has some great businesses that may have been inadvertently overlooked.
And, aldermen from Aurora are hoping to re-authorize four ward programs to bolster revitalization in local neighborhoods including:
- Ward 1 Business Grant Program: 50-50 match up to $5,000 a project annually for qualifying businesses.
- Ward 2 Fence Improvement Program for residents requiring assistance in repairing/renovating yard fences.
In other financial regional news there was an announcement by Fifth Third Bank that an estimated $20 million will be directed to projects in the South and West of the City in housing, creating jobs. Plus, a $12 million capital fund money program will be launched by Gov. JB Pritzker in an effort to bolster private investments in the 300+ opportunity zones in Illinois.