New York City has unveiled the Cannabis NYC Loan Fund, aimed at providing up to $100,000 in loans to Conditional Adult-Use Retail Dispensaries (CAURD) licensees.

“The legalization of cannabis has allowed a new economy to emerge in New York state while addressing the harmful impact of the ‘War on Drugs’ on Black and Brown New Yorkers,” stated Mayor Eric Adams.

Administered by Tuatara Capital, the fund is designed to offer flexible, low-cost capital to early-stage cannabis businesses, promoting equity in the industry. “The Cannabis Loan Fund represents yet another innovative program that this administration has created to build one of NYC’s emerging industries,” emphasized First Deputy Mayor Maria Torres-Springer.

Also Read: NYC cracks down on uncertified Lithium-Ion battery sales to curb fire hazards

SBS Commissioner Dynishal Gross highlighted the initiative’s goal, saying, “This barrier is especially daunting for justice-involved individuals entering the legal cannabis market.”

Cannabis NYC Founding Director Dasheeda Dawson remarked, “New York City’s historic investment empowers justice-impacted entrepreneurs and begins to dismantle the barriers to accessing capital in the legal cannabis industry.”

The loan fund adds to a suite of resources, including NYC LEASE and the Cannabis Reentry Employment Assistance and Training Experience (CREATE) to support legal cannabis entrepreneurs. Queens Borough President Donovan Richards, Jr. urged local entrepreneurs to “take advantage of this landmark initiative,” underscoring the city’s commitment to fostering a thriving, equitable cannabis market.