New York State is seeking the return of its $50 million investment into legal cannabis dispensaries, over the objection of activists, after Democrat Gov. Kathy Hochul’s plan to revitalize underserved communities hasn’t yielded results, The New York Times reported on Tuesday.
In 2022, Hochul’s Cannabis Social Equity Investment Fund was established to aid those small business owners with marijuana convictions to be among the first to open legal marijuana dispensaries in New York.
Yet, three years later, only 22 of the planned 150 stores have opened. Some owners are now pushing back claiming Albany wasn’t clear about a little-read provision in the legislation that said once marijuana-related licensing fees and sales taxes earned enough revenue, the state would seek the return of its investment.
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