Bill > S01137

This bill amends the state finance law to increase the maximum funding amount for investment in a cannabis private debt or equity fund from $50 million to $300 million. The bill allows these funds to be used directly or indirectly for investments in private funds established under a specific section of public authorities law, or to cover capital costs for establishing conditional adult-use cannabis retail dispensaries operated by social equity licensees. These capital costs can include expenses related to leasing, planning, design, construction, rehabilitation, furnishing, and equipping dispensaries, and can be undertaken by the Office of Cannabis Management, the Cannabis Control Board, the Dormitory Authority of New York State, or the private debt or equity fund itself. Any repayments from the fund's investment will be deposited into the New York State Cannabis Revenue Fund. The bill is designed to provide more financial support for social equity cannabis businesses and their infrastructure development.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1137