In September 2021 former attorney and state Assemblywoman Tremaine Wright was chosen by Gov. Kathy Hochul to lead the official rollout of the state’s controlled cannabis industry through the Marijuana Regulation and Taxation Act. The law, enacted in March 2021, includes New York’s first framework for the legalization and management of the production, sale and use of marijuana. As the cannabis czar, Wright is focused on how to use the industry to promote equity and inclusion across communities and allow New Yorkers who have been disadvantaged by the state’s former legal restrictions on drug use to reap the benefits of marijuana’s legalization.
Why did you choose a role in cannabis?
The economic justice work is exciting. We have an opportunity to really impact communities and neighborhoods and do some economic development that I think we haven’t seen in years anywhere in the United States. We will see how the average New Yorker can participate in this industry and reap the benefits.
What’s your biggest challenge when it comes to regulating cannabis in New York?
It’s that social equity component. We have a mandate to give out 50% of our licenses to social equity applicants. It’s wonderful, but it’s also a significant challenge. You really have to create a network and industry that allows all these folks to participate successfully.
Do you use cannabis?
No. I guess at some point, when we have legal sales in New York state, I will, but not at this point.
How much have you had to learn so far?
I’ve learned a lot. I’ve also been in a wonderful position to learn a lot from other states. We have the benefit of not being the first to market. The best opportunities have been watching what’s happening out West and how they’re tackling the challenges of building an inclusive industry. I’m learning from our medical community. There’s still so much work and research to do to see what this plant does and what its benefits are.
When do you expect the first dispensaries to be open for business?
The end of the year is our goal.
Are you skeptical of this industry?
I’m not skeptical of the industry. I think what we have is an opportunity to build a structure that allows people to participate and be successful. We’re trying to be deliberate about finding solutions for sustainability, inclusivity, lowering the cost of entry and trying to work on solutions that give people access to the industry. We have the $200 million loan fund that was passed in the state budget—$50 million from the state, and $150 million will be raised in the private market from institutional investors.
Is this a cash-only industry?
I do not want to say that there are not going to be any digital cards in exchanges. We are looking for solutions so people can do electronic payments. It may look like some of our local New York state banks participating. It may look like some other electronic transfer solutions. It may look like some of our fintech businesses. The narrative has been slanted to tell people that this is only a cash business. I do believe there is some space for us to look at it.
Recent Comments