‘Discontent and despair’: NY cannabis entrepreneurs fed up with state’s problematic industry rollout

May 10, 2023
AggregatedNews
New York
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Tensions are rising among New York’s recently licensed cannabis entrepreneurs.

A group of Conditional Adult-Use Retail Dispensary (CAURD) licensees have documented in a letter an “alarming and unacceptable” lack of communication and transparency among state cannabis regulators.

The group of seven CAURD licensees, along with the Long Island CAURD Coalition and “several others” who signed anonymously, sent the letter late Tuesday night to:

The Office of Cannabis Management (OCM) Executive Director Chris Alexander.
Cannabis Control Board (CCB) Chairwoman Tremaine Wright.
Dormitory Authority of the State of New York (DASNY) President (and CCB member) Reuben McDaniel.
A representative from Gov. Kathy Hochul’s office.

The letter was also sent to NY Cannabis Insider.

The bulk of the group’s ire is directed toward DASNY and the structure of its Social Equity Cannabis Investment Fund, which was supposed to provide funding for the identification, leasing and build outs of 150 CAURD sites across the state.

As NY Cannabis Insider has documented repeatedly, the fund – which is overseen by DASNY and managed by Social Equity Impact Ventures – has failed to raise any money since its inception.

Impact Ventures is headed by NBA Hall of Famer Chris Webber and entrepreneur Lavetta Willis, along with a team from the investment banking firm Siebert Williams Shank. [Read More @ Syracuse.com]