New York Spends $200 Million on Marijuana Social Equity Real Estate

New York will pump $200 million into the local cannabis real estate market, leasing up to 150 retail properties that will be made available to social justice businesses to take their place in the state's new cannabis recreational market. The move is considered a first for the U.S. cannabis industry and, if successful, could provide a roadmap for other states to launch social equity programs. A spokesman for the New York State Housing Authority (DASNY) confirmed in an email to MJBizDaily that at least one brokerage firm, CBRE Group, which oversees the disbursement of funds, has searched for locations on behalf of DASNY. Spokesman Jeffrey Gordon said he is "looking at good retail locations across the state in cities that choose to allow retail pharmacies. That will make the entire industry more competitive, said Colby Piper, a New Jersey real estate broker who specializes in marijuana.

Information source: mjbizdaily.com/