ALBANY – In the first Cannabis Control Board meeting of the year, board member Reuben McDaniel III clarified the goals and funding sources for the public-private cannabis equity fund that Gov. Kathy Hochul announced in her State of the State address.
The $200 million fund will draw some of its capital from the state’s cannabis industry revenue, including licensing fees; but it will also be fed by as-yet unnamed private funding sources, which McDaniel said will help ensure it can be made available to eligible applicants as the board begins issuing licenses.
“This will allow us to assist so that our social equity applicants who are interested in retail licenses have the funding they need for capital improvements to open their facilities in a timely manner,” McDaniel said in the meeting, adding that the program should keep capital and leasing issues from impeding their success.
The funds are slated to go to efforts that include leasing, designing, constructing and outfitting adult-use cannabis retail dispensaries.
In a press release, state officials specified the funding would sustain the projects of “certain eligible applicants from communities impacted by disproportionate policing during the decades-long cannabis prohibition.”
The equity category is laid out in broader terms within the Marijuana Regulation and Taxation…
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ALBANY – In the first Cannabis Control Board meeting of the year, board member Reuben McDaniel III clarified the goals and funding sources for the public-private cannabis equity fund that Gov. Kathy Hochul announced in her State of the State address.
The $200 million fund will draw some of its capital from the state’s cannabis industry revenue, including licensing fees; but it will also be fed by as-yet unnamed private funding sources, which McDaniel said will help ensure it can be made available to eligible applicants as the board begins issuing licenses.
“This will allow us to assist so that our social equity applicants who are interested in retail licenses have the funding they need for capital improvements to open their facilities in a timely manner,” McDaniel said in the meeting, adding that the program should keep capital and leasing issues from impeding their success.
The funds are slated to go to efforts that include leasing, designing, constructing and outfitting adult-use cannabis retail dispensaries.
In a press release, state officials specified the funding would sustain the projects of “certain eligible applicants from communities impacted by disproportionate policing during the decades-long cannabis prohibition.”
The equity category is laid out in broader terms within the Marijuana Regulation and Taxation…
