Bill > A05647

This bill establishes the Cannabis Community Reinvestment Act, which requires cannabis business operators (defined as licensed cannabis producers, processors, distributors, and retailers operating for at least two years) to develop and implement plans for reinvesting in communities that have been disproportionately impacted by cannabis prohibition. Specifically, operators must contribute at least 2% of their annual profits to these communities and submit reinvestment plans as part of their license applications. The Department of Financial Services will evaluate these plans and has the authority to review and potentially revoke an operator's license if they fail to adequately serve disadvantaged communities or execute a meaningful social impact program. If a license is revoked, it will be auctioned to another qualified individual or business. The bill aims to ensure that as the cannabis industry grows, it provides tangible economic benefits to communities that were historically most harmed by cannabis criminalization. The act will take effect 60 days after becoming law, with provisions allowing for immediate preparation of necessary regulatory rules.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A5647