Promoting Equity and Economic Growth for the Cannabis Industry in NYC.
The NYC Department of Small Business Services (SBS), in partnership with the NYC Economic Development Corporation (EDC), and Tuatara Capital, launched the Cannabis NYC Loan Fund to promote the development of an equitable cannabis industry by providing capital to cannabis businesses who have been awarded licenses to operate in New York City.
New York City: A global leader for cannabis industry excellence
The Cannabis NYC Loan Fund has been designed to promote excellence and advance equity within the industry through access to capital. Loans provided through the fund will support start-up and ongoing operating expenses, with limited use restrictions and significant flexibility.
Commitment to promote the growth of an equitable cannabis industry
In August 2022, Mayor Eric Adams and SBS launched Cannabis NYC, a first-of-its-kind interagency hub of citywide resources and services for New Yorkers looking to participate in the legal cannabis market. Loans provided through the fund can be coupled with technical assistance, to increase the likelihood of borrower success. Leveraging existing resources within SBS along with industry expertise, Cannabis NYC will offer borrowers access to an array of cannabis and small business-tailored assistance, including free one-on-one loan application assistance.
Partner Organizations
“The Cannabis NYC Loan Fund is not just about providing access to affordable capital; it is also about empowering Conditional Adult-Use Retail Dispensary (CAURD) licensees, especially those who are justice-involved and have faced significant barriers to operationalizing their legal cannabis businesses. By prioritizing these entrepreneurs, we are not only fostering economic growth but also moving one more step closer to rectifying past injustices and creating a more inclusive and thriving cannabis marketplace in our city.”
-Dasheeda Dawson, Founding Director of Cannabis NYC
