New York Governor Announces $200 Million Marijuana Fund To Promote Industry Equity

MJ moment

The governor of New York says her administration is creating a $200 million public-private fund to specifically help promote social equity in the state’s burgeoning marijuana market. Gov. Kathy Hochul (D) released an extensive State of the State book on Wednesday, detailing policies she will pursue in 2022—and promoting equity and economic justice in the cannabis industry is one of those objectives. The document also discusses efforts to support broader harm reduction drug policies and the state’s hemp market. The governor said that while marijuana business licenses have yet to be approved since legalization was signed into law last year, the market stands to generate billions of dollars, and it’s important to “create opportunities for all New Yorkers, particularly those from historically marginalized communities.” “In support of that goal, Governor Hochul will create a $200 million public-private fund to support social equity applicants as they plan for and build out their businesses,” the document says. “Licensing fees and tax revenue will seed the fund and leverage significant private investment.” Let us seize this moment with great confidence and optimism, and create a legacy of accomplishment that will endure through the ages: A New Era for New York. — Kathy Hochul (@GovKathyHochul) January 5, 2022 “While New York has committed to making its cannabis industry more equitable, this action will put that commitment into practice. New York will lead where many other states have fallen short,” it continues. “The governor is focused on providing more than basic business supports and training for our future cannabis entrepreneurs, and this fund will provide direct capital and startup financing to social equity applicants as the State takes meaningful steps to ensuring that New York’s cannabis industry is the most diverse and inclusive in the nation.” New York has a goal of issuing at…

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Source : New York Governor Announces 0 Million Marijuana Fund To Promote Industry Equity

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