State Sen. Liz Krueger revealed that the Dormitory Authority stopped issuing loans for cannabis shops under the Social Equity Cannabis Investment Fund due to predatory funding practices.
The agreement with a private equity firm led to high-interest loans, with storefront renovation loans exceeding actual costs by over three times, per The CITY's report.
Allegations of predatory funding and financial mismanagement in New York's cannabis program are expected to be addressed during Robert Rodriguez's confirmation hearings for leading the Dormitory Authority.
#hochul-administration #cannabis-shops #misuse-of-state-funds #predatory-funding-practices #new-york-cannabis-program
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