‘Unscrupulous’ Practices Going On In New York, Say State Senators About $150M Loan For Beleaguered Cannabis Program
Two New York state senators have called for the state’s social equity cannabis fund to stop issuing loans to dispensary operators and for any who are “trapped in these predatory deals to be made whole.”
“What this story describes is not a social equity fund. We must get to the bottom of this,” said Liz Krueger (D-Manhattan) and Gustavo Rivera (D-Bronx) in a joint statement upon calling for an investigation into a public-private fund that was designed for the state’s social equity fund meant for those affected by New York’s often discriminatory drug laws.
What Happened: In June 2022, Gov. Kathy Hochul (D) announced a deal had been reached to fund a $200 million public-private effort, which would finance cannabis dispensaries run by the people who have been impacted by the war on drugs.
Unable to secure a private equity partner, the state …