Before cannabis was legalized in New York State, the war on drugs was running rampant, and many people from marginalized communities were sent to prison for marijuana possession and selling. This fractured families, communities, and the future of thousands.
Now New York wants to try and rectify the past by creating a social equity investment fund that will provide aid to up-and-coming cannabis businesses — making it a priority to provide opportunities to people who were incarcerated in the past. Luckily, NY will have help from one of the greatest NBA basketball players, Chris Webber, and his company Social Equity Impact Ventures to make this a reality.
On June 22nd, New York selected Social Equity Impact Ventures, LLC to manage the state’s $200 million Social Equity Investment Fund, which will help local licensees with costs associated with getting their businesses off the ground and leasing up to 150 retail properties.
Social Equity Impact Ventures is headed by NBA Hall of Famer Chris Webber, entrepreneur Lavetta Willis, and a firm affiliated with Siebert Williams Shank, one of the nation’s leading minority and women-owned investment banking firms, that will be led by SWS CEO Suzanne Shank and SWS Chief Administrative Officer and former New York City Comptroller William Thompson.
Together, we look forward to starting the healing process within the community nationwide, and it starts by giving aspiring entrepreneurs in this state the education, resources, and training to thrive in the cannabis sector. Our hope is that New York’s holistic approach can be replicated in other markets and help accelerate the growth of underrepresented businesses across the country.
Chris Webber
When talking about the newly allocated fund, New York Governor Kathy Hochul said, “This takes an important step forward in creating jobs and opportunity for those who, historically, have been disproportionately targeted for cannabis infractions.”
Lieutenant Governor Antonio Delgado also said, “It is incumbent upon us to create a socially responsible cannabis industry here in New York State that ensures jobs and opportunity for minorities who have long been subject to unfair enforcement regarding cannabis use. Today’s announcement will help ensure New York creates a fair and inclusive cannabis industry with equitable enforcement measures that provides equal opportunity to people of color.”
Hopefully, This is Just the Beginning
When it comes to promoting new cannabis businesses, it only makes sense to provide opportunities to the same people who were subject to unfair sentencing and discriminatory practices.
Now that cannabis is becoming more and more legal across the country, we hope that there will be more and more aid that will follow New York’s latest legislation. The flourishing cannabis community should let the people who were punished in the past build a brighter and higher future.
