WASHINGTON, D.C. – New York’s adult use cannabis industry is gaining more investors including five-time NBA All-Star, Chris Webber and two Wall Street leaders.
NewsChannel 34’s, Amal Tlaige has more.
Together the trio is investing $200 million dollars into the state’s Cannabis Equity Investment Fund.
The program was created to prioritize those who have been negatively impacted by cannabis prohibition and to help minority entrepreneurs.
Former NBA star, Webber says this is a great opportunity for disadvantaged communities and will help create generational wealth in the years to come.
“But in the back of our minds, we’re calling this a success fund because that’s the only option, the only option is to make sure not only that our applicants have wonderful access to finance and infrastructure.”
Suzanne Shank and Bill Thompson are both leaders of Siebert Williams Shank & Co, a full-service investment banking firm. Just a couple years ago they raised money for minority owned businesses.
Shank says in her career, doing well, while doing good is her mission.
“What really gets us excited is an opportunity to help others because you know, we’ve been fighting to get to the table for so many years, and now that we’re there it’s our mission to help others.”
Thompson says this was a collaborative effort.
“This was not, let’s just get it done, how do we get this done, to benefit people? And to benefit people who’ve been shut out, benefit people who haven’t had an opportunity. Benefit people, who’d get left behind, and in other states across this country they are getting left behind.”
This funding will help to finance 150 adult-use retail cannabis dispensaries.
Reporting at the Capitol, Amal Tlaige.