New York City Mayor Eric Adams has proposed a $4.8 million investment in the Fiscal Year 2023 (FY23) budget to promote the growth of the cannabis industry in the city.
The funding will be used to fund a multiagency community outreach effort, focusing on the communities most impacted by the “war on drugs.” Further, it will be allocated to provide technical assistance for businesses navigating the licensing process. The funding comes as the city prepares for an influx of newly licensed dispensaries and other businesses.
“The cannabis industry could be a major boon to our economic recovery — creating new jobs, building wealth in historically underserved communities, and increasing state and local tax revenue,” Adams said. “With a new regulated adult-use cannabis market on the immediate horizon, now is the time for our city to make proactive investments to ensure the people disproportionately impacted by the criminalization of these substances can reap the benefits of the new industry.”
The new investments are part of Adams’ plan to partner with state and local leaders to build the nation’s most equitable cannabis industry. New York State officially legalized the sale and consumption of adult-use cannabis in March 2021. The adult-use cannabis industry in the state is expected to generate nearly $1.3 billion in sales in its first year and support between 19,000 and 24,000 jobs within three years. It presents an opportunity to jumpstart New York City’s economic recovery while addressing the long-standing inequities that were exacerbated during the pandemic.
The multiagency effort will include targeted outreach and resources from the New York City Department of Small Business Services (SBS), the New York City Economic Development Corporation (EDC), and the Mayor’s Office of Criminal Justice (MOCJ). These agencies will work to identify stakeholders in impacted communities, launch a public education tour to educate people about the new process, promote an educational media campaign, and assess the needs of interested parties. Further, EDC is prepared to assist entrepreneurs seeking to access the financing and real estate required to start and grow their businesses.
“We have a real opportunity to develop a thriving and truly equitable cannabis industry in the five boroughs,” Deputy Mayor for Economic and Workforce Development Maria Torres-Springer said. “As we work in close partnership with our city and state partners to design programming and policy, we will make sure that qualifying entrepreneurs interested in entering this industry have the supports and technical assistance they need to navigate the licensing process and launch successful businesses.”