Governor Kathy Hochul's $200 million initiative to aid small business owners with cannabis convictions has hit roadblocks. Although lawmakers approved $50 million for the Cannabis Social Equity Investment Fund, only 22 out of a projected 150 dispensaries have opened. Critically, the state plans to reclaim its investment before community reinvestment funds flow, contradicting the original goal of uplifting marginalized neighborhoods. Advocacy groups and state officials are calling this repayment strategy unjust, especially as external political pressures on equity programs intensify.
The state should figure out another way to repay itself, he argued. It's not the fault of these communities or applicants that this fund failed and now has to get paid back.
This plan goes against the state's intention to uplift low-income Black and Latino neighborhoods where the vast majority of marijuana arrests have occurred.
The Cannabis Social Equity Investment Fund was set up to help small business owners with marijuana convictions, but the funding now comes with a troubling catch.
Just 22 out of 150 planned stores have opened since the initiative began, leaving many owners saying they were lured into a debt trap.
Collection
[
|
...
]