New York Governor to Create $200M Cannabis Fund with Social Equity Focus

High Times

Using the occasion of her first State of the State address to highlight the plan, New York Governor Kathy Hochul’s administration said that the new, lucrative industry should consider those living in less privileged areas.  “New York’s legalized cannabis industry is in development, with the State expecting to issue licenses for adult recreational use. But the rise of what is estimated to be a $4.2 billion industry must create opportunities for all New Yorkers, particularly those from historically marginalized communities,” the governor’s office said in a handbook detailing her proposals for the coming year.  Hochul, who became New York’s first female governor in August after her predecessor, Andrew Cuomo, resigned amid scandal, gave her State of the State address on Wednesday. “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 handbook continued. “Licensing fees and tax revenue will seed the fund and leverage significant private investment.” Since taking office, Hochul has been vocal in her desire to get the state’s legal pot program off the ground and running. A spokesperson for Hochul said in August that nominating “individuals with diverse experiences and subject matter expertise, who are representative of communities from across the state, to the Cannabis Control Board is a priority” for the new governor. In September, Hochul made a pair of appointments to the board of Office of Cannabis Management, which has been tasked with “[creating and implementing] a comprehensive regulatory framework for New York’s cannabis industry, including the production, licensing, packaging, marketing and sale of cannabis products.” The two positions had been left unfilled, typifying the lack of progress that had been made on the new cannabis law since it was signed by Cuomo last spring. “New…

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Source : New York Governor to Create 0M Cannabis Fund with Social Equity Focus

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