The NY government pledges $ 200 million to step up social justice efforts under the cannabis legalization program

By Jelena Martinovic

New York Governor Kathy Hochul, D, will pledge $ 200 million to support social justice applicants in the state’s burgeoning marijuana market.

On Wednesday, Hochul unveiled an extensive state-of-the-state book setting out the plan for 2022, including the policies it will pursue and its intentions to promote justice and economic justice in the cannabis industry.

Photo by Michael M. Santiago / Getty Images

“Together, these measures will help the New York cannabis industry thrive in the coming year and more New Yorkers to reap the benefits,” the book says.

Hochul stressed the importance of “creating opportunities for all New Yorkers, especially those from historically marginalized communities” now that the market is set to be worth billions of dollars.

Although marijuana legalization was signed into law last year by its predecessor Andrew Cuomo, marijuana business licenses have yet to be approved.

“In support of this goal, Governor Hochul will set up a $ 200 million public-private fund to help social justice applicants plan and grow their businesses,” the document reads. “The fund will provide direct capital and seed funding to social equity applicants as the state takes significant steps to ensure that New York’s cannabis industry is the most diverse and inclusive in the country.”

It goes on to say: “License fees and tax revenues will boost the fund and mobilize significant private investment.”

RELATED: New York Gov. Hochul: Legal cannabis industry will create “thousands of jobs and new industries”

In addition, 50% of all licenses are awarded to equity applicants, including individuals from affected communities, as well as minority and women-owned companies (MWBEs), farmers in distress, individuals involved in the judiciary, and veterans with disabilities.

“Together, these measures will help ensure that New York’s cannabis industry thrives for the coming year and that more New Yorkers can reap the benefits,” the book says.

RELATED: NY Senator Fils Bill To Include Gay, Lesbian, and Bisexual People For Cannabis Justice Perks

In addition, New York will establish a new Harm Reduction Department within the Office of Addiction Services and Supports to address harm reduction principles and strategies, including expanding access to naloxone and buprenorphine and investing in fentanyl test strips, to name a few.

Harm reduction campaigns

In December, New York City became the first nationwide to open two Overdose Prevention Centers (OPC), where people can consume illicit drugs and receive medical care and services to help stem the overdose crisis that is raging not just in NYC but across the country .

To address the growing problem, the National Institutes of Health (NIH) filed two petitions last week to provide funding to study the effectiveness of a variety of harm reduction strategies, including decriminalization and safer consumption sites.

A total of nine selected applicants will undertake studies as part of the five-year program that will approve up to $ 6.75 million for projects within the fiscal year.

This article originally appeared on Benzinga and was republished with permission.