If New York Lawmakers Were Smart, They'd Race To Get The Legal Weed Market Up And Running, Why Aren't They?

New York lawmakers, in session for 2023, are strangely mum about the state’s failure to raise the $150 million for the much-heralded social equity fund and its role in the state’s legal cannabis rollout. 

Gov. Kathy Hochul created a $200 million public-private fund in Jan. 2022 to support social equity applicants. Syracuse.com noted that Hochul has gone on about every other milestone in the legalization process but has sidestepped questions about the fact the Dormitory Authority of the State of New York (DASNY) has admitted that its fund managers have not raised any money for the Cannabis Social Equity Investment Fund. DASNY provides construction, financing and other allied services to NY state.

The Office of Cannabis Management has awarded 66 licenses since November – 10 to nonprofits and the rest to individuals. So far, only one DASNY shop, 'Smacked' in Greenwich Village has opened. 

Optimism But Still No Cigar

DASNY spokesperson told NY Cannabis Insider that the agency remains “optimistic that the fund, which continues its capital-raising efforts, will be successful as New York State continues to build a groundbreaking cannabis retail program grounded in equity.” 

Help Wanted

Meanwhile, New York’s cannabis industry, such as it is, is moving forward. Although, like so many industries, it’s shorthanded.

According to a CannaBiz Team report, the industry is expected to generate 63,000 jobs across New York by 2025. No surprise as New York is projected to be one of the biggest markets in the country, if not the world.

NYC Could Really Use The Cannabis Jobs

The NY Times noted that the creation of cannabis jobs could do New York City a world of good. The Big Apple, though long regarded as the cultural capital of the state if not the country, was ground zero for COVID-19 and is still struggling to get back on its feet.

Walk through just about any commercial retail neighborhood in Manhattan and the abandoned storefronts tell the story. Small to large companies left town or went belly up as the pandemic kept New Yorkers under lockdown for months on end. 

Cannabis jobs, when they're finally created, could provide opportunities for thousands of workers who lost their service jobs.  

ZipRecruiter’s lead economist Sinem Buber told The Times that the pace of cannabis job growth has already surpassed tech at its peak, and is still going strong. “Five years down the road, we’re going to need more people who have experience in the industry,” Buber said. 

Hence, it would certainly behoove New York's lawmakers to get on the stick and hasten the legal cannabis rollout. They should at least try to catch up to the booming illicit weed market.

Photo: Courtesy of Kindel Media by Pixabay and Quintin Gellar by Pexels