{"id":78394,"date":"2024-10-16T04:13:30","date_gmt":"2024-10-16T12:13:30","guid":{"rendered":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2024\/10\/16\/new-york-opens-applications-for-5-million-community-reinvestment-grants-program-funded-by-marijuana-tax-revenue\/"},"modified":"2024-10-16T19:46:40","modified_gmt":"2024-10-17T03:46:40","slug":"new-york-opens-applications-for-5-million-community-reinvestment-grants-program-funded-by-marijuana-tax-revenue","status":"publish","type":"post","link":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2024\/10\/16\/new-york-opens-applications-for-5-million-community-reinvestment-grants-program-funded-by-marijuana-tax-revenue\/","title":{"rendered":"New York Opens Applications For $5 Million Community Reinvestment Grants Program Funded By Marijuana Tax Revenue"},"content":{"rendered":"<\/p>\n

New York\u2019s Office of Cannabis Management (OCM) is now accepting grant applications for a $5 million community reinvestment program funded by marijuana tax revenue<\/a>. The effort, which will support services such as mental health, workforce development and housing for young people, is part of an push to reinvest state cannabis monies in areas\u00a0\u201cdisproportionately affected by prior federal and state drug policies in order to redress a wide range of community needs.\u201d<\/p>\n

\u201cIf anyone needs another reason why buying cannabis from licensed dispensaries is the best option, here you go,\u201d Tabatha Robison, OCM\u2019s director of economic development, said in a statement about the program. \u201cEvery dollar spent in a legal shop contributes to the important work of reinvesting in communities harmed by prohibition.\u201d<\/p>\n

Regulators on Wednesday announced a request for applications from eligible nonprofits. Individual grants amounts will be $100,000. The 2024 grant cycle, OCM said in the announcement, \u201cwill prioritize counties identified as high need for youth services and those historically under-resourced and overpoliced.\u201d<\/p>\n

Grants are intended to serve groups statewide, the office said, with the goal of making \u201cat least one award in each Empire State Development (ESD) Region.\u201d<\/p>\n

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Eligible applicants must be 501(c)(3) organizations serving young people aged 0-24, focusing on mental health, housing, and\/or workforce development.<\/p>\n

A total of $5 million is available for 2024, with each award totaling $100,000.<\/p>\n

For updates, visit: https:\/\/t.co\/gY58PUhFE8<\/a><\/p>\n

\u2014 NYS Office of Cannabis Management (@nys_cannabis) October 10, 2024<\/a><\/p>\n<\/blockquote>\n

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Applications are available through the program website<\/a>.<\/p>\n

Felicia A.B. Reid, OCM\u2019s acting director, called the Community Reinvestment Program \u201ca thrilling opportunity.\u201d<\/p>\n

\u201cNew York is putting cannabis tax dollars to work for the next generation,\u201d she said in a statement. \u201cThis $5 million is the first of many down payments on the promise of what the future holds.\u201d<\/p>\n

The chair of the state\u2019s Cannabis Advisory Board, Joe Belluck, said that youth \u201care an important place to start,\u201d but added that \u201cin future years look for a broader scope of issues to be part of our community reinvestment efforts.\u201d<\/p>\n

Awardees will receive the funds over a two-year period, with a portion being disbursed in a one-time advance payment and remaining funds distributed via quarterly \u201creimbursement-based vouchering.\u201d<\/p>\n

OCM\u2019s announcement of the grant program last month came just weeks after New York Gov. Kathy Hochul (D) touted the state\u2019s \u201csmokin\u2019 hot\u201d marijuana sales numbers<\/a>\u00a0as the market reached an \u201call-time high\u201d of over half a billion dollars in legal cannabis purchases since adult-use retailers launched in late 2022.<\/p>\n

Under state law, 40 percent of all cannabis tax revenue is earmarked for community reinvestment, targeting \u201careas of the state that have been historically under-resourced, underserved, and over-policed,\u201d according to the office.<\/p>\n

New York has seen about $370 million in purchases this year, as of numbers released in August. Combined with last year\u2019s total of about $160 million, that brings the net sum to roughly $530 million since the state\u2019s market launched in December 2022.<\/p>\n

In a separate report released earlier this month, OCM said the state\u2019s marijuana legalization rollout has seen \u201cgrowing pains\u201d<\/a> as well as \u201csuccessful efforts.\u201d While the state has run into a number of obstacles during the first years of legalization\u2014including a slow market rollout<\/a>,\u00a0leadership controversies<\/a>\u00a0and so-called\u00a0\u201cpredatory deals\u201d around the state\u2019s marijuana social equity fund<\/a>\u2014officials said they were confident New York\u2019s market is poised for success.<\/p>\n

The governor and regulators are attributing the industry\u2019s recent growth, at least in part, to their efforts to stamp out illicit operators and expand the licensed marketplace. Hochul said in June that the state\u2019s escalated enforcement actions against illicit marijuana shops is resulting in a significant increase in legal sales at licensed retailers<\/a>.<\/p>\n

The governor made the comments amid criticism from equity-focused activists over what they see as a \u201ccorporate takeover\u201d of the cannabis market, citing reporting about the administration\u00a0dismissing concerns from state officials about a \u201cpredatory\u201d private equity loan deal<\/a>\u00a0the state approved to provide funding for startup cannabis retailers.<\/p>\n

Certain advocates say Hochul has \u201cfalsely\u201d blamed the legalization law itself for the state\u2019s troubles with the illicit market, without taking responsibility for the administration\u2019s role. To that end, there has been\u00a0criticism of the governor\u2019s ousting of Chris Alexander as executive director<\/a>\u00a0of OCM earlier this year.<\/p>\n

In an attempt to rein in unlicensed sales, the governor in February\u00a0called on big tech companies such as Google and Meta<\/a>\u00a0to \u201cdo the right thing\u201d by taking steps to stop promoting illicit marijuana shops, which have proliferated across the state.<\/p>\n

Meanwhile, New York officials are\u00a0rolling out a broad plan to encourage environmental sustainability<\/a>\u00a0and set energy use standards within the state\u2019s legal marijuana industry. It\u2019s part of regulators\u2019 broader goal of promoting economic, environmental and social sustainability in the emerging sector.<\/p>\n

In June, state regulators also formally approved rules to\u00a0allow adults 21 and older to grow their own cannabis plants<\/a>\u00a0for personal use.<\/p>\n

A top New York lawmaker also\u00a0introduced a bill in June to legalize psilocybin for adults<\/a>, provided they obtain a permit after undergoing a health screening and educational course.<\/p>\n

As for other social equity efforts around the state\u2019s legal cannabis program, two state senators recently called for\u00a0an investigation of the state\u2019s marijuana social equity fund<\/a>, saying loans to qualifying dispensary owners left them \u201ctrapped\u201d in \u201cpredatory deals.\u201d The program was announced in 2022 and\u00a0created a $200 million public-private fund<\/a>\u00a0to specifically help promote social equity in the state\u2019s cannabis industry.<\/p>\n

Across the country, California officials in June awarded another round of community reinvestment grants to nonprofits and local health departments, funded by marijuana tax revenue. The Governor\u2019s Office of Business and Economic Development (GO-Biz)\u00a0announced the recipients of over $41 million<\/a>\u00a0in awards, the sixth round of cannabis-funded California Community Reinvestment Grants (CalCRG) under the state program. In March, officials\u00a0awarded $12 million in marijuana tax-funded grants to cities across the state<\/a>\u00a0to support equity programs for people disproportionately impacted by the war on drugs.<\/p>\n

And in Illinois earlier this year, officials announced that they\u2019re awarding $35 million in grants to 88 local organizations, using funds generated from taxes on adult-use marijuana sales<\/a>\u00a0to support community reinvestment efforts.<\/p>\n

The funding is being offered through the state\u2019s Restore, Reinvest, Renew (R3) Program that was established under Illinois\u2019s 2019 legalization law. It requires 25 percent of cannabis tax revenue to support areas most harmed by the \u201cdisproportionate damaged caused by the war on drugs,\u201d the Illinois Criminal Justice Information Authority (ICJIA) said.<\/p>\n

Since launching the R3 program, Illinois has\u00a0awarded over $244 million in marijuana revenue-funded grants to that end<\/a>.<\/p>\n

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Banks Stand To Generate Over $2 Billion In Revenue From Marijuana Industry Interest Payments By 2035, New Report Finds<\/a><\/p>\n<\/blockquote>\n

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The post New York Opens Applications For $5 Million Community Reinvestment Grants Program Funded By Marijuana Tax Revenue<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n


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\nRead More: New York Opens Applications For Million Community Reinvestment Grants Program Funded By Marijuana Tax Revenue<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New York\u2019s Office of Cannabis Management (OCM) is now accepting grant applications for a $5 million community reinvestment program funded by marijuana tax revenue. The effort, which will support services such as mental health, workforce development and housing for young people, is part of an push to reinvest state cannabisContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18,81],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/78394"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=78394"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/78394\/revisions"}],"predecessor-version":[{"id":78395,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/78394\/revisions\/78395"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=78394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=78394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=78394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}