Governor Kathy Hochul is trying to lead the country by example through a new program that would garner $200 million specifically to promote social equity when handling licenses.
There have been no licenses granted yet in the road to a marijuana marketplace in the state, but when this does happen, it is expected to garner hundreds of millions of dollars a year for the state. Any applicants that are deemed “social equity” applicants will be given a hand by the state to ensure a diverse set of licenses. This would include people from impacted communities, distressed farmers, and women or veteran-owned businesses.
“…Governor Hochul will create a $200 million public-private fund to support social equity applicants as they plan for and build out their businesses. Licensing fees and tax revenue will seed the fund and leverage significant private investment.”
The state’s goal is 50% of licenses reaching social equity applicants.
Also of note in Hochul’s newly released State of the State book is an investment in fentanyl test strips, expanding access to naloxone for reversing overdoses, and increasing availability of sterile syringes.
Read the full State of the State here.