N.Y. proposes $200M social equity fund to help minority businesses sell weed. What about N.J.?

As New York races to open its adult cannabis market, its governor has proposed what social equity advocates are calling a bold and innovative way to get a truly diverse pool of applicants in the new marijuana industry.

It’s prompted some lawyers who represent smaller marijuana operators and wealthy investors to ask: Why not a social equity fund in New Jersey? “These are the first businesses to get a foot forward in the state of New Jersey,” Brown said at the meeting. “I cannot stress that enough.” The governor’s office acknowledged there was no social equity set-aside akin to New York’s proposal in Gov.“Our administration has always strived to eliminate barriers to entry for the adult-use recreational cannabis marketplace, through low fees, priority application review for licenses for micro-businesses, impact zone businesses, and social equity businesses, and the option to apply for a conditional license,” said Murphy spokesman Michael Zhadanovsky to NJ Cannabis Insider.

“We’re not an apples to apples comparison in the regards of financing mechanisms,” said attorney Beau Huch, a former top aide to state Sen. Declan O’Scanlon, R-Monmouth, who worked on both the medical and recreational cannabis bills. “Is the $200 million that New York has set aside out of their general fund? Is it a loan? I genuinely don’t know the answer to that question, but I do know New Jersey is broke.

New York expects to start issuing licenses to sell adult-use recreational cannabis sometime next year. Hochul’s $200 million social equity fund would be backed by state and private dollars to provide capital and startup support for disadvantaged applicants.

ccube1234 How much money will be set aside for increased health costs. NJ Medical Society against legalization. 'The cost to the public health system from cannabis use will likely far outweigh any revenues that states secure by legalizing marijuana'

april fools is over no?

NJ and marijuana…don’t get us started, because we already have an episode on it!

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