NANUET- State Senator Bill Weber (R, Nanuet) is calling the state’s rollout of the recreational cannabis industry “mismanaged” and is proposing new legislation that he says will fix many of the problems with the new agency regulating legal cannabis in the state.
Specifically, Weber’s legislation targets the state’s Cannabis Social Equity Investment Fund which was established to help those who were harmed by the state’s outdated drug laws.
Weber introduced the legislation following hos the fund has opened only 21 dispensaries out of the 150 initially promised while the fund’s managers have collected over $1.7 million in fees. The new legislation aims to address the lack of accountability and transparency that Weber says has plagued the fund and the state’s cannabis regulation efforts.
“This is not how New York State should be handling its cannabis legalization process,” said Weber. “The very individuals we set out to help are being left behind, while fund managers profit off the backs of New York taxpayers. The time for change is now.”
The proposed legislation will mandate greater transparency from the Office of Cannabis Management, including detailed public reporting on fund disbursements, management fees, and the progress of social equity licensees. It will also implement strict caps on management fees to ensure more resources are directed toward helping social equity applicants, not enriching fund managers.
Weber’s bill also seeks to establish clear benchmarks for the opening of social equity dispensaries, with penalties for failing to meet those goals and requires legislative oversight for all future contracts involving state cannabis funds.
“Governor Hochul’s administration must be held accountable for allowing this mismanagement to continue,” Weber added. “This legislation will ensure that the Office of Cannabis Management is reined in and that the fund’s true mission—to promote social equity—is finally prioritized.”
