Connect with us


New York State Nears Full Financing for $200 Million Cannabis Fund

Chicago Atlantic’s $150 million investment to support diversity and equity in the legal marijuana sector.




New York’s $200 million cannabis fund, designed to assist disadvantaged individuals entering the legal cannabis market, is nearing its fundraising goal. Chicago Atlantic, an experienced asset management firm in the cannabis industry, has agreed to invest $150 million, boosting the fund significantly.

The aim is to promote diversity and equity in the growing legal marijuana sector, Governor Kathy Hochul noted in a press release. The fund supports “social equity” entrepreneurs, including women, people of color, struggling farmers, disabled veterans, and communities affected by over-policing.

Initial dispensary licenses in New York are prioritized for individuals with past marijuana-related convictions or their relatives. Nonprofit organizations like Housing Works have also received licenses. The fund provides low-interest loans to help licensees find and set up storefronts, with repayment required.

“This infusion of capital will provide necessary support to licensees and will help New York further its work of establishing an inclusive cannabis market that creates opportunities for entrepreneurs harmed by prohibition and locked out of markets in other states,” said NYS Office of Cannabis Management executive director Chris Alexander.

The injection of funds is also expected to accelerate the establishment of legal recreational dispensaries and combat the illegal cannabis market.




Cannaconvo with Peter Su of Green Check Verified

Cannabis Last Week with Jon Purow interviews Peter Su of Green Check Verified. Peter Su is a Senior Vice President with Green Check Verified, the top cannabis banking compliance software/consultancy in the space. A 20+ year veteran of the banking industry, Peter serves on the Banking & Financial Services committee of the National Cannabis Industry Association. He chairs the Banking and Financial Services Committee for the NYCCIA & HVCIA. He is an official member of the Rolling Stone Cannabis Culture Council. And, he is on the board of the Asian Cannabis Roundtable, serving as treasurer.

Promoted Headlines






Most Popular