regulated
In regulated industries like cannabis, transparency isn’t optional—it’s a requirement. Tax filings, financial disclosures, and compliance are the foundation of maintaining licenses and public trust.
Governor JB Pritzker has spoken to the importance of accountability in such matters. On tax fraud, he stated, "I am committed to making sure that we restore the public’s trust in government." Regarding the cannabis industry, he highlighted the challenges of ensuring fairness, saying, "We need to make sure that we’re getting it right, that we’re being fair."
So here’s something curious: a partnership spanning multiple years in a heavily regulated industry where the only K-1 provided was for 2023—conveniently after a lawsuit was filed in September 2023. What about the previous years? State law mandates annual tax filings to maintain licenses. Yet, despite tax fraud allegations, these filings weren't submitted, leading to all motions to dismiss being denied with prejudice.
This raises critical questions:
• If compliance wasn’t an issue, why not provide the tax filings to clear the charges?
• How were operations licensed and documented without proper filings?
• What message does this send to legitimate operators who follow the rules?
Omissions often say more than actions. In this case, the silence around missing filings and compliance speaks volumes. Transparency isn’t just a regulatory obligation—it’s the bare minimum for trust and fairness.
Don't forget to listen to our newest episode of F'nAround dropping on all platforms Monday or fnaround.com with Cannabis Equity IL Coalition
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