Social Equity

The New York Cannabis Social Equity Investment Fund last week received a $150 million investment from Chicago Atlantic Admin, LLC. The investment raised the fund’s total up to its $200 million cap.

A New York Appeals Court judge this week narrowed the injunction blocking the licensing of cannabis dispensaries. The move will let the licensing process move forward except in the state’s Finger Lakes region.

A recent proposal in Washington state would create about 100 new retail adult-use cannabis dispensary licenses reserved for social equity applicants.

New York is being sued by several of its medical cannabis operators over the state’s plan to give the first adult-use retail cannabis licenses to social equity applicants.

A recent poll found that 65% of Americans support the legalization of adult-use cannabis — including majorities of Democrat, Republican, and independent or third-party voters — and 57% support the enactment of cannabis social equity measures.

New York’s second cannabis dispensary and first shop owned by an entrepreneur who was previously criminalized for a cannabis-related offense is set to open next Tuesday in Manhattan.

Washington cannabis regulators announced that the 30-day application window for the state’s social equity retail licenses will begin on March 1.

Minnesota lawmakers’ proposal to legalize adult-use cannabis includes social equity considerations, home grow provisions, and an additional 8% tax on cannabis products.

Officials in Detroit, Michigan have issued the city’s first 33 adult-use cannabis retailer licenses; the licensees include 20 equity and 13 non-equity applicants.

New York’s first licensed adult-use cannabis shop — operated by Housing Works, a charitable nonprofit in Manhattan’s East Village neighborhood — is officially set to open next week.

The Los Angeles Department of Cannabis Regulation has selected 100 social equity applicants for an opportunity to apply for retail cannabis licenses.

Connecticut’s Social Equity Council reversed denials for six companies looking to establish social equity status in the state while simultaneously establishing a loan program for social equity applicants.

The first two social equity cannabis retailers in Chicago have opened for business in the last week.

Illinois plans to distribute $8.75 million in loans of up to $500,000 at zero interest for 18 months to cannabis social equity licensees.

Sacramento’s first social equity cannabis retailer has opened for business under the city’s CORE program.

The City of Oakland will hold its first cannabis social equity week this November with the goal of highlighting equity operators who have not had the same resources for marketing and exposure.

The mayor of St. Louis, Missouri has come out in opposition to adult-use cannabis legalization in the state, indicating that the amendment will create a “permanent exclusion” of minorities from the state’s cannabis industry.

San Diego, California has approved a social-equity program that includes fee waivers, start-up loans, and other business assistance.

Las Vegas city officials this week voted 5-1 in favor of allowing cannabis consumption lounges within city limits.

Denver city officials are set to consider making cannabis delivery licenses permanently exclusive to social equity applicants.

Illinois has awarded 185 conditional adult-use cannabis retail licenses, closing out its first round of the social equity license lottery.

A Missouri Democratic representative formed a coalition this week opposing the state’s cannabis legalization ballot measure over its lack of social equity measures, its proposed fines for smoking cannabis in public, and issues with its automatic expungement provisions.

Cannabis equity funding has all but dried up — unfortunately, it’s the small to midsize cannabis companies who will be suffering for it.