Capital region gets first adult-use cannabis dispensaries

By Blake Jackson

Governor Hochul announced the opening of two adult-use cannabis dispensaries in the Capital Region – the first to be supported by the New York Cannabis Social Equity Investment Fund. This fund aims to provide opportunities for individuals impacted by the unjust enforcement of past cannabis laws.

420 Bliss opened in Troy on December 7th, and Capital District Cannabis and Wellness in Albany opened a day later. Both dispensaries are owned by local entrepreneurs committed to providing a positive experience for their customers and contributing to the community.

“New York State is committed to building the most equitable adult-use cannabis industry in the nation,” stated Governor Hochul. “These new dispensaries offer safe, legal products while also supporting small businesses and advancing social equity.”

Local officials express support for new businesses:

• Albany Mayor Kathy Sheehan: “Opening these dispensaries represents a significant step toward ending the social and racial injustice of marijuana criminalization.”
• Albany Council Member Hyde Clarke: “This investment strengthens our business corridor and supports safe and legal cannabis sales.”

New York Cannabis Social Equity Investment Fund empowers entrepreneurs:

• The Fund provides financial assistance to help entrepreneurs establish and operate their dispensaries.
• This initiative ensures that individuals impacted by past cannabis laws have a chance to participate in the growing industry.
• Fund's General Partner Social Equity Impact Ventures Principal Chris Webber: “We are proud to support entrepreneurs like Pasha Adams and James Frese who will make a positive impact in the community.”

About the New York Cannabis Social Equity Investment Fund:

• Created as part of the FY 2023 Enacted Budget, the Fund is a public-private partnership aimed at empowering social equity entrepreneurs.
• It provides up to $50 million in licensing fees and revenue from the adult-use cannabis industry, alongside $150 million from private investors.
• The Fund helps licensed entrepreneurs cover costs such as leasing suitable retail locations and designing and equipping dispensaries.

More dispensaries to come:

• The openings in Albany and Troy are among several statewide openings in December.
• Additional dispensaries are already operating in Schenectady and Rensselaer County.

The opening of these dispensaries marks an important step in ensuring a fair and equitable cannabis industry in New York State. The commitment to social equity and local entrepreneurs is paving the way for a thriving and inclusive market.

Photo Credit: gettyimages-jessicahyde