Major Milestone for New York State's Cannabis Industry with January 24 Opening in Manhattan
Supported by the New York Cannabis Social Equity Investment Fund, Dispensary Provides Opportunity to Fast-Track Sales and Build Initial Capital for Licensee
Governor Kathy Hochul today announced the first Conditional Adult-Use Retail Dispensary license in New York State owned by an entrepreneur previously criminalized by cannabis prohibition and supported by the New York Social Equity Cannabis Investment Fund, will open at 144 Bleecker Street in Manhattan on Tuesday, January 24 at 10:00 AM. This store opening helps advance New York's goals of equity in cannabis licensing, which prioritizes providing licenses to justice-involved individuals, who are people with a cannabis conviction or a close relative of someone with one.
"This dispensary is the latest example of our efforts to build the most equitable and inclusive cannabis industry in the nation," Governor Hochul said. "As we continue to work toward righting wrongs of the past, I look forward to new dispensaries - owned by those most impacted by the over policing of cannabis prohibition - opening soon."
The dispensary, called Smacked LLC, will be owned and operated by Roland Conner with a soft opening as a "Pop-up" through February 20. As with some other initial dispensaries to be supported by the Fund, this will provide licensees the opportunity to open on a short-term basis to fast-track sales and start generating capital for their businesses, after which they will close for final construction and then re-open on a long-term basis.
The Pop-up program is designed to give the operator initial training opportunities before opening full-time, and will benefit all businesses involved in the cannabis supply chain, including farmers who have cannabis ready for distribution, processors who are making cannabis into other types of products, distributors, and retail operators, as well as consumers who are seeking access to safer products they can trust.
Prior to receiving this license, Roland Conner owned and operated property management businesses in New York City for fifteen years. He currently manages a transitional housing facility providing shelter for two dozen men in The Bronx. Mr. Conner is opening Smacked LLC with his son and wife. In applying for his license, Mr. Conner received support from the Bronx Cannabis Hub, which was founded by the Bronx Defenders and the Bronx Community Foundation to support individuals applying for the first round of CAURD licenses.
Mr. Roland Conner said, "I am so excited to become a part of history as the first individual to open a legal cannabis dispensary in New York City. Given my experience with cannabis, I never could have imagined that I would be opening a store like this. I'm grateful for the opportunity to open a business with my son and wife at my side and build generational wealth, working together, right here in New York. But this is not just about me and my family. This is about everyone who was harmed by the draconian drug laws of the past. New York's commitment to righting those wrongs through the law is inspiring. I am proof of that commitment because I'm standing here today."
The location is part of the program sponsored by the Fund, which is working with the Social Equity Servicing Corporation, (SESC), a subsidiary of the Dormitory Authority of the State of New York (DASNY), to support the acquisition, design, construction, and outfitting of locations for cannabis dispensaries to be operated by CAURD licensees. Authorized by Governor Hochul and the New York State Legislature, The Fund is a public-private limited partnership formed to position social equity entrepreneurs to succeed in New York's newly created adult use cannabis industry. Managed by Social Equity Impact Ventures, the Fund will help justice involved individual CAURD licensees meet the costs of establishing adult-use cannabis retail dispensaries, including the identification and leasing of suitable retail locations and design, construction, and fit-out of the spaces. It is supported by up to $50 million in licensing fees and revenue from the adult-use cannabis industry and up to $150 million from the private sector that will be raised by the Fund manager. Click here to learn more about the Fund.
To date, there are several locations available and ready for initial design and build out for CAURD licensees. The Fund will be making announcements of these locations on a rolling basis
The CAURD license is a central pillar of the New York State Seeding Opportunity Initiative. Through the Initiative, New York's first legal adult-use retail dispensaries will be operated by those most impacted by the enforcement of the prohibition of cannabis or nonprofit organizations whose services include support for the formerly incarcerated. These dispensaries will be making legal adult-use sales with cannabis products grown by New York Farmers.
To be eligible, applicants must either have a cannabis conviction themselves, or be the close family member of someone who does, and owns or has owned a business that had a net profit for at least two years. Nonprofits are eligible for CAURD licenses if they have a history of serving current or formerly incarcerated individuals, including creating vocational opportunities for them; have at least one justice involved board member; at least five full time employees; and have operated a social enterprise that had net assets or profit for at least two years.
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