ALBANY, N.Y., Dec. 8, 2023
– PRESS RELEASE – Gov. Kathy Hochul announced
the opening of two adult-use cannabis dispensaries in the Capital Region—including
the first in the region to be supported by the New York Cannabis Social Equity
Investment Fund. The fund was created to provide opportunities for those
impacted by the inequitable enforcement of cannabis laws.
“As the cannabis market expands, my
administration is focused on protecting the health and safety of all New
Yorkers, helping small businesses thrive, and building the most equitable
adult-use cannabis industry in the nation,” Hochul said. “New York State is
continuing to provide safe, legal products for consumers while we work to
assist those targeted by the inequitable enforcement of cannabis laws in the
past.”
In Troy, 420 Bliss opened Dec. 7 at
740 Hoosick St. 420 Bliss is owned by Al Attoh, Renee Lindo and Gregg Little,
entrepreneurs with experience in the retail, real estate, construction and the
music business, among others. Their goal is to create a stable, long-lasting
business that offers a comfortable experience for their customers.
In Albany, Capital District
Cannabis and Wellness, located at 997 Central Ave., opened Dec. 8. The
dispensary is owned by Capital Region natives James Frese and Pasha Adams,
longtime friends who bring to their enterprise diverse backgrounds in the
restaurant industry, real estate, volunteering and more, as well as a strong
commitment to community service.
Albany Mayor Kathy Sheehan said, “New York State's legalization of cannabis was a
much-needed step to end the social and racial injustice of the criminalization
of marijuana, and that is why the City of Albany has worked tirelessly over the
past two years to prepare for the opening of our first cannabis dispensaries.
Our Cannabis Advisory Committee helped solicit feedback, inform, and shape
cannabis regulations at the municipal level including the time, place and
manner of adult-use retail dispensaries and on-site consumption licenses,
public education, and protection of community health and safety through the
lens of social and racial equity.
“I look forward to seeing
how our advisory committee's work helps positively impact our new dispensaries
and our entire community. Thank you to Governor Hochul for executing on the
framework to legalize cannabis and create opportunities for small business
owners across New York State.”
Albany Common Council Member Hyde Clarke said, "I am so thrilled to share in the announcement
of the newest entrant in New York's exciting retail cannabis space, and honored
to welcome Capital District Cannabis and Wellness Inc. to the 12th Ward. This
installation is a step forward to permitting the safe and legal sale of
cannabis to the City of Albany at a time when we see far too many of those
sales going on outside of our city and outside of New York State. Thank you to
the owners and the State of New York for selecting Central Avenue for this new
opportunity. We need to welcome and work with new businesses who invest in our
city, and this investment is an important addition to our business corridor.”
New York State Cannabis Control Board Chair Tremaine Wright
said, “We are thrilled to see the first adult-use cannabis
dispensaries supported by the New York Cannabis Social Equity Investment Fund
open in the Capital Region. These businesses embody the principles of social
equity which drive the MRTA. The fund's investment has empowered entrepreneurs
to build sustainable businesses that contribute to their communities. This
pioneering initiative sets a precedent for the nation, and demonstrates New
York's commitment to fostering a diverse and inclusive adult-use cannabis
industry."
420 Bliss Co-Owner Al Attoh said, “If it hadn’t been for the fund, we would have likely
had to take on equity partners and give up part of the business. The fund gave
us the opportunity to build a business that we can own, one that will last for
many years to come.”
Capital District Cannabis and Wellness Co-Owners James
Frese and Pasha Adams said, “It means so much for us to have not just the opportunity
to start a new business in our hometown, but to have the support from the state
and the community. The New York Cannabis Social Equity Fund, DASNY, the Office
of Cannabis Management, and of course the governor all played such a huge role
in helping make this store a reality. We couldn’t have done this without all of
them.”
Fund General Partner Social Equity Impact Ventures
Principal Chris Webber said, "The New York Cannabis Social Equity Fund is proud to
work with Capital District Cannabis and Wellness owners Pasha Adams and James
Frese, who we know will be a positive force in the capital region community and
will help further the goals of the Social Equity Fund to empower entrepreneurs.
We stand with Governor Hochul, the New York State Legislature, and all
stakeholders in working to dismantle the impacts of unjust drug enforcement
policies that disproportionately impacted minority communities. We are grateful
to the support of Mayor Sheehan and our partners at DASNY, the Chicago Atlantic
Group, the Office of Cannabis Management, and the entrepreneurs who are at the
forefront of this movement.”
The New York State Cannabis Social
Equity Investment Fund, which was authorized as part of the FY 2023 enacted budget,
is a public-private limited partnership formed to position social equity
entrepreneurs to succeed in New York's newly created adult-use cannabis
industry. This initiative has allowed the state to invest in a private fund to
finance the leasing and equipping of conditional adult-use retail dispensaries
throughout New York State for operation by individuals who have been impacted
by the inequitable enforcement of cannabis laws. It is the first of its kind in
the nation.
The fund will help those who have
been awarded a CAURD license by the state’s Office of Cannabis Management meet
the costs of establishing adult-use cannabis dispensaries, including the
identification and leasing of suitable retail locations and design,
construction, and fit-out of the spaces. It is supported by up to $50 million
in licensing fees and revenue from the adult-use cannabis industry, as well as
up to $150 million secured from the private sector.
The dispensaries opening in Albany
and Troy are among several dispensaries that will be opening statewide in
December. In the Capital Region, dispensaries are operating in Schenectady and
in Rensselaer.
