Illinois Administrative Code › Title 8 - AGRICULTURE AND ANIMALS › Part 1000 - COMPASSIONATE USE OF MEDICAL CANNABIS PILOT PROGRAM › Subpart C - CULTIVATION CENTER REQUIREMENTS › Section 1000.200 - Financial Disclosure

Current through Register Vol. 48, No. 28, July 12, 2024
a) When
				applying for a cultivation center permit, the applicant shall disclose all
				relevant financial information to the Department. The applicant shall have a
				continuing duty to disclose promptly any material changes in the financial
				information provided to the Department. If an applicant is issued a permit,
				this duty of ongoing disclosure shall continue throughout the permitted period.
				These disclosures shall include:
1) The
				ownership structure of the cultivation center;
2) A current organizational chart that
				includes position descriptions and the names and resumes of persons holding
				each position to the extent those positions have been filled. To the extent not
				revealed by the resume, include additional pages with each resume setting out
				the employee's particular skills, education, experience or significant
				accomplishments that are relevant to owning or operating a cultivation
				center;
3) Documents such as the
				articles of incorporation, articles of association, charter, by-laws,
				partnership agreement, agreements between any two or more members of the
				applicant that relate in any manner to the assets, property or profit of the
				applicant, or any other comparable documents that set forth the legal structure
				of the applicant or relate to the organization, management or control of the
				applicant;
4) A copy of all
				compensation agreements with producer backers, directors, owners, officers,
				growers, other high-level employees or any other persons required to complete
				these agreements;
5) A compensation
				agreement that includes any agreement that provides, or will provide, a benefit
				to the recipient, whether in the form of salary, wages, commissions, fees,
				stock options, dividends, interest, bonuses or otherwise;
6) The nature, type, terms, covenants and
				priorities of all outstanding bonds, loans, mortgages, trust deeds, pledges,
				lines of credit, notes, debentures or other forms of indebtedness issued or
				executed, or to be issued or executed, in connection with opening or operating
				the proposed cultivation center;
7)
				Audited financial statements for the previous fiscal year, which shall include,
				but are not limited to, an income statement, balance sheet, statement of
				retained earnings or owners' equity, statement of cash flows, and all notes to
				these statements and related financial schedules, prepared in accordance with
				generally accepted accounting principles, along with the accompanying
				independent auditor's report. If the applicant was formed within the year
				preceding the application for permit, provide certified financial statements
				for the period of time the applicant has been in existence and any pro forma
				financials used for business planning purposes;
8) Complete copies of all federal, state and
				foreign (with translation) tax returns filed by the applicant for the last
				three years, or for the period the applicant has filed returns if less than
				three years;
9) Complete copies of
				the most recently filed federal, state and/or foreign (with translation) tax
				returns filed by each producer backer and by each producer backer member
				identified in the applicant's application.