The money “could’ve gone to supporting more social equity businesses. Instead it’s going right back into their own pockets.”
By Rosalind Adams, THE CITY
They haven’t come close to fulfilling Gov. Kathy Hochul’s (D) goal of helping 150 people victimized by the state’s old, racially biased drug laws enter the legal cannabis business—and some they have assisted fear their dispensary dreams are collapsing.
But the three managers of a public–private loan fund established to carry out the primary social mission of New York’s sweeping cannabis legalization program are doing just fine.
Records obtained by THE CITY show that they earned $1.7 million over the most recently tallied 12-month period and stand to make millions more in years to come, even though the New York Cannabis Social Equity Investment Fund has faced charges of predatory lending, secrecy and mission failure. By a conservative estimate computed by THE CITY, the managers’ longterm haul could easily come to $15 million over a decade.
The state selected the three managers, who operate under the almost identical name of Social Equity Impact Ventures, after a bidding process in June 2022: Bill Thompson, a former New York City comptroller and mayoral candidate; the former NBA star
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