NY’s $200 million cannabis fund: Webber & Willis may hold serious conflicts of interest

NY Cannabis Insider has learned that the two high-profile individuals selected to manage a $200 million state cannabis fund may hold significant conflicts of interest that could place New York’s social equity-focused rollout in precarious ethical waters.

In June, Gov. Kathy Hochul announced NBA Hall of Famer Chris Webber and entrepreneur Lavetta Willis were selected as part of a team to manage the state’s Social Equity Cannabis Investment Fund, which will pay for the buildout of New York’s first 150 retail dispensaries.

What’s gone unmentioned by state officials, however, is that Webber and Willis have strong financial ties to the major global cannabis brand Cookies, including a partnership between Webber, Willis and Cookies U on a $50 million cannabis training facility in Detroit, in addition to a deal in which Cookies dispensaries in Michigan will carry the duo’s Players Only branded weed – an announcement made in August, after the two were selected as fund managers.

Cookies made big news last month when it opened its first NYC location (selling branded merchandise, not cannabis) and is widely expected to enter the state’s adult-use market.

In short, Webber and Willis are tasked with raising funds for dispensaries that will compete with their own financial interests if Cookies gets a license to sell recreational marijuana in New York. [Read More @ Syracuse.com]