New York’s political leaders silent about state’s failure to raise cannabis funds

New York’s political leaders will not speak about the state’s failure to raise $150 million for the equity-focused portion of its legal marijuana market rollout, even though those same leaders were front and center in calling for a socially just cannabis industry.

Gov. Kathy Hochul has announced every milestone in the state’s legalization efforts, but wouldn’t respond to questions about what happens now that the Dormitory Authority of the State of New York (DASNY) has admitted that – despite eight months of effort – its fund managers haven’t raised a dollar for the Social Equity Cannabis Investment Fund.

Reuben McDaniel, the CEO of DASNY and one of five members of the state’s Cannabis Control Board, told a reporter late last month that despite a “great investor base,” the agency hasn’t had its “final close yet.”

A DASNY spokesperson confirmed that statement to NY Cannabis Insider again last week.

Gov. Hochul charged DASNY nearly a year ago with finding a fund manager to raise $150 million from private investors. That money, combined with $50 million pledged by the state, will go toward finding, securing and retrofitting locations for the Conditional Adult-Use Retail Dispensary (CAURD) program.

[Read more at Syracuse.com]