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private equity fucked legal recreational cannabis in NY thecity.nyc/2024/04/24/…
I spent ONE YEAR working with the banking committee of the NYS cannabis business association to draft them a GOOD 20-page paper of proposed regs for Office of Cannabis Mgmt (OCM). I did so because the MRTA (the bill legalizing cannabis) contained a social/eco…
private equity fucked legal recreational cannabis in NY https://www.thecity.nyc/2024/04/24/cannabis-fund-social-equity-dispensary
I spent ONE YEAR working with the banking committee of the NYS cannabis business association to draft them a GOOD 20-page paper of proposed regs for Office of Cannabis Mgmt (OCM). I did so because the MRTA (the bill legalizing cannabis) contained a social/economic equity mandate wherein 50% of licenses would be granted to equity applicants. After a year of "revisions," the committee basically ghosted me, and I honestly didn't care -- they turned what I wrote into a pointless paper on all the ways in which banking and finance laws can accidentally get a cannabis business owner convicted of a felony (given banking is federal). I have no idea whether it was even used. I still have both versions of the paper if you guys want them.
The article from The City is based on 84 pages of internal docs that show how the state despicably led equity applicants down a fantasy road of false promises. TLDR, private equity trumped social justice. THE SYSTEM IS NOT WORKING!
I don't know how to edit posts but I apologize for lack of coherence and the like. But I have an excuse, which is that I'm ANGRY -- I will edit this to make it more sensical when I regain my druthers