New York's Marijuana Regulation and Taxation Act aimed to legalize cannabis and rectify the harms of prohibition, ensuring half of the licenses were for social equity applicants. While the endeavor has generated $200 million in tax revenue, the system faces significant challenges, with over 70% of equity businesses still not operational due to funding issues and bureaucratic hurdles. Illicit sales far exceed legal ones, and the state's failure to enforce regulatory measures is allowing unfair competition to thrive, threatening the initial goals of integrity and fairness built into the cannabis framework.
Yet, as any caregiver knows, early progress is fragile. Without sustained support, potential withers.
Imagine raising a child on grand ideals but denying them food, shelter, or protection from bullies. That's the reality for equity entrepreneurs.
Over 70% of equity businesses remain unopened, paralyzed by funding gaps and bureaucratic delays.
If we ignore these threats, we're no better than parents who let their child run into traffic.
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