After two years of legal adult-use sales, New York cannabis tax grants are finally available to fund reinvestment in the state’s communities most heavily affected by prior drug policies.
Cannabis Taxes Fund Grants Worth $5M for New York Youth
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The New York Office of Cannabis Management (OCM) is accepting applications for cannabis-funded grants seeking to benefit the state’s youth. The state has $5 million to award and each grant will be worth $100,000.
Under New York law, 40% of cannabis tax revenue goes back to the communities most affected by prior drug policies. The money is awarded through grants from the Cannabis Advisory Board (CAB) via the Community Grants Reinvestment Fund.
Grants are available for nonprofit programs seeking to help young people ages 0-24 in one of the following three issues:
- Mental Health
- Workforce Development
- Housing
“If anyone needs another reason why buying cannabis from licensed dispensaries is the best option, here you go. Every dollar spent in a legal shop contributed to their important work of reinvesting in communities harmed by prohibition.” — OCM Director of Economic Development Tabatha Robinson, via the Daily Gazette
According to a recent OCM report, the New York state market earned more than $653.9 million in revenue in 2023. Additionally, officials said cannabis sales topped $260 million during the first half of 2024. The report also found that more than 200,000 cannabis-related convictions had been sealed under the state’s legalization policy, with more than 100,000 awaiting sealing.
Cannabis regulators have licensed more than 200 adult-use retailers statewide.
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