October 18, 2024

Office of Cannabis Management investing millions back to NYS communities

Posted By: keaton

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ALBANY (WBNG) — The New York State Office of Cannabis Management announced it will reinvest $5 million back into communities throughout the state.

The office said the $5 million comes from the “Marijuana Regulation and Taxation Act.” Those funds have been collected from legal adult cannabis sales the office said.

501c non-profits throughout the state will have the opportunity to apply for a grant worth $100,000 if the organization supports youth programming in mental health, workforce development and housing.

Director of Community Reinvestment of the NYS OCM Matt Wilson explained that applicants do not have to be cannabis related.

“This money is not about standing up the legal market, it’s not about providing loan funds to entrepreneurs,” said Wilson. “This is our first year of the fund and in future years we look forward to expanding the scope of what will be eligible, but the cannabis advisory board that governs this fund wanted to focus on youth.”

The office said the program is focused on serving communities that are historically harmed by cannabis criminalization.

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