The Cannabis NYC Loan Fund aims to provide essential capital to cannabis businesses, especially those from marginalized communities, promoting equity and economic growth in New York City.
This initiative aligns with the Marijuana Regulation and Taxation Act, emphasizing the importance of social equity in creating an inclusive cannabis market.
The NYC Office has launched a Community Reinvestment Program that will allocate up to $5 million to nonprofits supporting underserved youth, funded by taxes from cannabis sales.
By reinvesting tax revenue from legal cannabis, the program addresses issues in communities impacted by past drug policies, ensuring they benefit from the industry.
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