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CCB 2021 0322.Pdf INDEMAND JOBS: Here are the 10 hottest well-paying careers in Illinois. PAGE 12 CONVENTIONS: What Chicago must do to win them back. PAGE 3 CHICAGOBUSINESS.COM | MARCH 22, 2021 | $3.50 MANUFACTURING As the ‘engine Socially conscious investing gains currency as investors seek to improve sustainability of the economy’ and bene t the social good while still making money. PAGE 15 heats up again, tech advances are accelerating ahead of a lagging labor FACTORIES FORWARD force. PAGE 15 FACTORIES FORWARD FIND THE COMPLETE SERIES ONLINE ChicagoBusiness.com/CrainsForum ZAC OSGOOD ZAC How Chicago became Herd immunity: the Silicon Valley of pot Kayvan Khalatbari, a cannabis A moving target Early obstacles helped consultant from Denver who turn local marijuana advised Cresco on its original li- Threshold for stopping COVID is higher in some areas cense application. companies into giants In the six years since Illinois BY STEPHANIE GOLDBERG issued its rst licenses to grow MINDING THE GAP: Why so many health care workers are BY JOHN PLETZ and sell marijuana for medical As COVID-19 inoculations use, GTI, Cresco, Verano and accelerate, a weary public waits still unvaccinated. PAGE 3 Call Chicago the capital of Big privately held PharmaCann have anxiously for vaccines to reach 70 Weed. emerged as industry giants, win- BOEHM R. JOHN percent of the population, a level tration in areas that have been e city is home to three of the ning or acquiring licenses across Cresco CEO Charlie Bachtell widely associated with “herd im- hit harder during the pandemic. ve biggest public companies in the country as legalization took munity.” In other words, vaccinating any the United States that grow and o . Fueled in part by the launch and its stock has increased 650 It’s not that simple. To neutral- mix of 1.9 million residents won’t sell marijuana: Green umb In- of recreational marijuana sales percent in the past 12 months. ize a virus that has killed nearly necessarily stop COVID-19. dustries, Cresco Labs and Vera- in Illinois last year, the Chica- For the rst time in a gen- 5,000 Chicagoans and sickened “Even if the overall average is CREDIT no Holdings. go-based companies have seen eration, Chicago is the early 250,000, immunity must spread showing we’re at 70 or 80 percent, “Chicago in a sense is Silicon their fortunes soar. GTI’s reve- across each of the city’s neighbor- Valley” for the pot business, says nue rose 151 percent last year, See WEED on Page 29 hoods—with a higher concen- See HERD on Page 23 NEWSPAPER l VOL. 44, NO. 12 l COPYRIGHT 2021 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED JOE CAHILL REAL ESTATE CEOs aren’t An Arts & Crafts always sharing home that stands investors’ out among COVID pain. showpieces. PAGE 4 PAGE 31 P001_CCB_20210322.indd 1 3/19/21 2:43 PM 2 MARCH 22, 2021 • CRAIN’S CHICAGO BUSINESS New coalition wants lawmakers to ride herd on ComEd The groups are seeking an end to utility donations to political campaigns consumers rst once and for all,” AARP Illinois Director Bob Gallo and ratepayer-nanced charitable contributions, among other things says in a release. ComEd’s formula rate-making BY STEVE DANIELS e investigation thus far has re- favor in Springeld, including util- authority expires at the end of next sulted in criminal charges against ity donations to state politicians’ year, and it’s attempting to take ad- Two consumer groups and a former ComEd CEO Anne Pramag- campaigns and ratepayer funding vantage this year and next. ComEd prominent environmental organi- giore, former lobbyist Michael Mc- of utilities’ contributions to chari- has budgeted nearly $4 billion in zation are joining forces to clamp Clain and two others. Madigan, ties. ComEd in the past has called on spending on the local grid through down on utility practices that though a target of the probe, hasn’t nonprots it’s helped nance to ad- GETTY IMAGES 2022—investments that will lead to resulted in favorable legislation been charged and says he’s done vocate on its behalf when it’s lobbied higher rates. raising delivery rates for consum- nothing wrong. for lucrative laws in the state capital. of CUB. He notes that some of the Gov. J.B. Pritzker has called on ers and padding prots of Com- e coalition also wants to “re- provisions the new coalition wants state lawmakers to pass compre- monwealth Edison and downstate store oversight” of ComEd. Illinois CUB MISSING are in the bill CUB is supporting. hensive energy legislation this power company Ameren Illinois. PIRG has called for an audit of Notably missing from the coa- e coalition hopes AARP in par- spring that would put Illinois on AARP Illinois, Illinois PIRG and ComEd’s billions in capital spend- lition is the state’s most high-pro- ticular might add some heft to its in- course for a carbon-free pow- the Environmental Law & Poli- ing enabled by the 2011 smart-grid le consumer advocate on utility uence. Seniors vote at higher rates er-generation industry. But, as is cy Center have formed the “Take law that was at the heart of the fed- issues, the Citizens Utility Board. than other demographics. Utilities typical in energy politics, various Our Power Back” coalition. It’s eral government’s investigation of CUB is part of the Illinois Clean have run roughshod over consum- interests are vying for support, and advocating that ComEd reimburse ComEd’s relationship with Madi- Jobs Coalition, which has called er groups in past negotiations over it’s unclear if that goal will be met. consumers for the prots it gained gan’s political operation. ComEd’s for an end to annual formula rates wide-ranging energy bills, but that In the past, utility clout made par- through a nearly decadelong brib- delivery rates increased 37 percent for ComEd and Ameren but also was before ComEd’s admissions of ties at loggerheads come to the ta- ery scheme aimed at winning sup- thanks to the law, which allowed has a far broader agenda aimed at inuence-peddling and bribery. ble and get what favorable policies port from then-House Speaker Mi- the utility to change its rates every overhauling the state’s power-gen- “On behalf of our members, and they could from the process. e chael Madigan, the most powerful year via a formula that took away eration industry. all Illinoisans 50-plus, we stand dynamic is dierent now thanks to politician in the state at the time. much of the discretion state utility “We view it as a complementary fervently against this corruption ComEd’s disgrace, and even peo- ComEd admitted to the scheme in regulators had over rate-setting. eort, and our focus is on passing that has hurt everyday Illinoisans ple involved in the talks on a reg- a deferred-prosecution agreement And it wants to end some of the the Clean Energy Jobs Act,” says and implore the General Assem- ular basis are struggling to predict with federal prosecutors in July. levers ComEd has employed to win David Kolata, executive director bly to support this agenda and put the outcome. Exelon CEO’s pay: As if the ComEd scandal never happened With 2020 comp of more than $15 million, Chris Crane paid no nancial price for projected a cost of up to $950 mil- er Exelon execs will depend on how lion before taxes due to that week. the company performs within that ComEd’s admissions of bribery and the $200 million ne Exelon shareholders paid Exelon correspondingly reduced range. A spokesman said those tar- its adjusted operating earnings fore- gets for Crane and the others were BY STEVE DANIELS eld from 2011 to 2016, resulting in entire business to ensure that noth- cast for 2021 to a range of $2.60 per set in January—before the Texas hundreds of millions of dollars of ing like it ever happens again.” share to $3 per share. at’s down eect was known—and happened It’s as if the Commonwealth Ed- additional revenues annually. In addition, there are questions as from $3.22 per share in 2020. to fall within the revised earnings ison scandal last year never hap- “Exelon was not made a party to whether the cash bonuses Crane “e guidance for 2021 is lower range provided to investors in late pened. to the deferred prosecution agree- and other senior executives are paid than the adjusted operating EPS February, after Texas. e company Exelon CEO Chris Crane, along ment and no charges were brought at this time next year will take into results for 2020 as a result of the im- doesn’t disclose ahead of time what with other top executives, paid no against it,” reads the only substan- account the company’s poor and pacts of the severe weather event in that target range is. price in terms of their 2020 com- tive statement in the proxy on the costly performance during the ex- Texas, lower realized energy prices, Exelon forecast in February that pensation for the breathtaking cor- matter. treme winter weather in Texas last and lower capacity revenues, par- Texas would reduce earnings per ruption confessed by the company’s month. Exelon owns three large tially oset by opportunities and share by 20 cents, and that’s only largest utility subsidiary, according FINE EXCLUDED natural gas-red power plants in growth at the utilities,” the company assuming the company nds hun- to the company proxy, led March Adding to the mix is that Ex- Texas, and they failed to operate says in the proxy.
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