New York has finally secured an investor to help fully fund the $200 million in startup capital promised to social-equity marijuana entrepreneurs to open “turnkey” dispensaries, Gov. Kathy Hochul has announced.
Chicago Atlantic Admin, a publicly traded, Illinois-based investment firm that’s funded marijuana businesses across the country, has agreed to invest “up to $150 million” in the New York State Cannabis Social Equity Investment fund, Hochul said in a news release issued Friday.
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The state itself has agreed to pony up $50 million to help bankroll the fund.
Chicago Atlantic’s commitment “reinforces New York’s commitment to building partnerships that benefit New Yorkers and setting right the wrongs of the past,” Hochul said in a news release issued Friday.
Past Chicago Atlantic investments include Verano Holdings, one of the ten “registered organizations” licensed to grow and sell medical cannabis in New York State that are still shut
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