NYC Cannabis Fund Set To Deploy Capital To Struggling Cannabis Businesses Within Five Boroughs
The fund aims to bolster the state’s equity goals
A public-private fund for New York City’s cash-strapped cannabis businesses, which lagged in getting off the ground, was finalized Tuesday and will disburse money as soon as this summer.
An inter-agency task force composed of the NYC Economic Development Corporation and the department of Small Business Services selected Tuatara Capital, a cannabis-oriented private equity fund, to manage a pool of cash that will support social equity businesses within the five boroughs.
The fund aims to bolster the state’s equity goals at a time when the regulatory body for cannabis – the Office of Cannabis Management – has come under fire for lagging revenue projections.
The Cannabis NYC Loan Fund, which was supposed to disburse money by the first quarter of this year, will open its loan application process by the end of the summer, according to a briefing at the NYC EDC Executive Committee Meeting on Tuesday.
“The commitment here has been to make sure that the fund is non-predatory and is really focused on the needs of the entrepreneur,” said Dasheeda Dawson, founding director at Cannabis NYC, a part of the city’s Small Business Services. “It’s the first effort we’ve made to provide entrepreneurs with access to affordable financing in an environment that typically lacks access for cannabis entrepreneurs.”
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