New York governor to set up $ 200 million cannabis fund with a focus on social justice |

The government of New York Governor Kathy Hochul took the opportunity of her first speech on the state to highlight a plan that the new, lucrative industries should take into account those living in less privileged areas.

“The legalized cannabis industry in New York is evolving, with the state expecting to issue licenses for recreational use by adults. But the rise of an estimated $ 4.2 billion industry must create opportunities for all New Yorkers, especially those from historically marginalized communities, “the governor’s office said in a manual detailing her proposals for the coming year are.

Hochul, who became New York’s first female governor in August after her predecessor Andrew Cuomo resigned amid a scandal, gave her state speech on Wednesday.

“To support this goal, Governor Hochul will set up a public-private fund of US $ 200 million to help social justice applicants plan and grow their businesses,” the handbook said. “Royalty and tax revenues will fuel the fund and mobilize significant private investment.”

Since taking office, Hochul has expressed her desire to get the state’s legal pot program off the ground. A spokesman for Hochul said in August that the nomination of “individuals with diverse levels of experience and expertise who represent communities across the state is a priority for the cannabis control board” for the new governor.

In September Hochul made two appointments to the board of the Office of Cannabis Management, which with “[creating and implementing] a comprehensive regulatory framework for the New York cannabis industry, including the production, licensing, packaging, marketing and sale of cannabis products. “

The two positions remained vacant, highlighting the lack of progress on the new cannabis law since it was signed by Cuomo last spring.

“The cannabis industry in New York has stalled for far too long – I make important appointments to prepare the Office of Cannabis Management for success so that it can get started right away,” said Hochul at the time of the appointments.

That same month, Hochul announced that New York lawmakers had finally confirmed the appointment of Tremaine Wright as Chairman of the New York Cannabis Control Board (CCB) and Christopher Alexander as Executive Director of the Office of Cannabis Management (OCM).

“One of my top priorities is to finally get the cannabis industry up and running in New York – this was long overdue, but we will make up for the lost time with the approval of Tremaine Wright as Chair of the Cannabis Control Board and Christopher Alexander as Senate Executive Director of the Office of Cannabis Management, “said Hochul in a statement at the time.

In the handbook released by their office this week, the Hochul government said the $ 200 million fund will help the state achieve its goal of licensing 50 percent of the cannabis business to “social justice candidates.” including “Individuals from affected communities, minority owned businesses and women (MWBEs), farmers in distress, individuals involved in the judiciary, and veterans with disabilities.

In addition, the government said New York will “create a state incubator to further support equity seekers.”

“While New York is committed to making its cannabis industry fairer, this move will put that commitment into practice. New York will lead where many other states have failed, ”the book says. “The governor is focused on providing more than basic business support and education to our future cannabis entrepreneurs, and this fund will provide direct capital and seed funding to social equity applicants while the state takes significant steps to ensure that New York’s cannabis industry is the best. “Diverse and inclusive in the nation.”

New York officially legalized weed last March when Cuomo signed into law. While pharmacies are unlikely to open their doors until next year, many pieces of legalization, including ownership and public consumption, went into effect immediately.