New York Governor Announces Investment Team to Manage $200M Social Equity Cannabis Fund

New York Governor Announces Investment Team to Manage 0M Social Equity Cannabis Fund
CANNANNEW REPORT

Gov. Kathy Hochul also revealed appointments to the state’s Cannabis Advisory Board, tasked with establishing an equitable and inclusive industry. Cannabis Business Times New York bureaucrats are taking big-time steps to advance equity in cannabis as they continue to work toward implementing an inclusive adult-use market by the end of the year. Gov. Kathy Hochul announced June 22 the selection of Social Equity Impact Ventures LLC, a minority-led investment team, to sponsor and manage New York’s $200-million Social Equity Cannabis Investment Program that was included in the state’s fiscal 2023 enacted state budget. The program, which will help develop conditional adult-use cannabis dispensaries for social equity licensees, is a key component of the state’s Seeding Opportunity Initiative—an effort to promote social equity through positioning individuals with prior cannabis-related criminal offenses to make the first adult-use cannabis sales in New York. Impact Ventures is a joint venture between an entity led by NBA Hall-of-Famer and entrepreneur Chris Webber and entrepreneur Lavetta Willis—partners in a fund for cannabis-related ventures—and a firm affiliated with Siebert Williams Shank (SWS), one of the nation’s leading minority- and women-owned financial services firms that offers investment banking. SWS CEO Suzanne Shank and Chief Administration Officer William Thompson, the former New York City Comptroller, will lead the firm’s role in managing New York’s Social Equity Cannabis Investment Program. JUNE 22, 2022 Albany, NY Governor Hochul Announces Major Progress Toward Advancing Equity in Cannabis Governor Hochul Announces Major Progress Toward Advancing Equity in Cannabis Minority-Led Investment Team Chosen to Manage $200 Million Fund to Support Social Equity in Cannabis Industry Entity Headed by NBA Hall of Famer Chris Webber, Noted Entrepreneur Lavetta Willis, Financial Leader Suzanne Shank, and Former City Comptroller William Thompson Governor Also Announces Appointment of New York’s Cannabis Advisory Board Which Will Disburse Community Grants, Support Development of…

Excerpt only …
READ MORE BELOW
Source : New York Governor Announces Investment Team to Manage 0M Social Equity Cannabis Fund

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.