IL SB3377

Establishes a comprehensive regulatory framework for hemp and hemp-derived cannabinoid products in Illinois, including licensing, registration, packaging and labeling standards, age verification, laboratory testing, recordkeeping, and enforcement provisions.

Creates a 50% corporate income tax deduction for hemp business establishments on income generated from sales of products made by minority-owned and other priority-population-owned businesses.

Establishes the Hemp Social Equity Fund to provide loans, grants, and technical assistance to social equity applicants entering the hemp industry.

Authorizes liquor license holders to manufacture, distribute, and sell hemp extract and hemp-cannabinoid products, declaring such products fit for human consumption when made in compliance with state law.

Excludes hemp-cannabinoid products subject to tax under the Industrial Hemp Act from the definition of tobacco products under the Tobacco Products Tax Act of 1995, with an effective date of January 1, 2027.