CANNABIS CULTURE – There are a lot of questions, but not a lot of answers on how social equity applicants in New York State will get funding for their adult-use businesses.
“It seems like you have to have a lot of money to make this happen,” said Justin Losh, founder of Brooklyn-based Counter Real Estate. “I’ve heard there’s going to be grants that streamline application process, but there’s zero information on that right now.”
Losh is assisting a friend who is applying as a social equity applicant to open an adult-use storefront in New York City. “We’re getting estimates anywhere from, on the low end $10,000, to the high end $250,000 plus equity in the company. And this has nothing to do with the actual business, this is just the representation to ‘win’ the license.”
“I have heard in a few presentations by sponsoring legislators that there will be grants available social and economic equity applicants, but we don’t know the specifics of that yet,” says Simon Malinowski, the managing attorney at Harris Bricken’s New York City office.
Malinowski says, “You kind of have to look at the overarching goal and languages in the statute, and that’s the goal of