New York is ready to spend big money on marijuana social equity programs

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The Empire State is spending $200 million to expand its marijuana footprint

For some time now, the state of New York has made it clear that it will pursue various efforts to ensure that the marijuana industry has a strong relationship with social equity. Officials appear to be living up to those words after announcing that the Empire State plans to pump $200 million into the local marijuana real estate market. Up to 150 retail properties will be leased to social equity firms in order to give them a leg up in the ever-closer recreational marijuana market.

Many experts indicate that this could be considered the first move of its kind in the country’s cannabis industry. Thus, if successful, it would pave the way for other states to implement similar or innovative social equity programs.

CBRE Group is at least one of the brokerage firms already moving the necessary paperwork to seek locations on behalf of the Dormitory Authority of the State of New York (DASNY). It should be noted that this agency is in charge of overseeing the disbursement of the funds and making sure that they are properly allocated according to the program.

Although DASNY said that no leases have yet been finalized for the equity companies, industry experts have made it clear that this move is causing a ripple effect for other companies, particularly smaller operators. The New York-based real estate advocacy has been quick to receive praise for its highly progressive approach in the quest to promote diversity and increase business opportunities for those affected by the nation’s war on drugs.