New York S 1137: Increases the amount of funding permissible for the investment in a cannabis private debt or equity fund

Bill Text

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S01137 Summary:

BILL NOS01137 

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SAME ASNo Same As

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Amd §99-ii, St Fin L

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Increases the amount of funding permissible for the investment in a cannabis private debt or equity fund to $300,000,000.

Go to top S01137 Actions:

BILL NOS01137 

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01/08/2025REFERRED TO FINANCE

01/07/2026REFERRED TO FINANCE

Go to topS01137 Committee&nbspVotes:

Go to topS01137 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01137 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1137

 2025-2026 Regular Sessions

 IN SENATE

 January 8, 2025
 ___________

 Introduced by Sen. SANDERS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Finance

 AN ACT to amend the state finance law, in relation to increasing the
 amount of funding permissible for the investment in a cannabis private
 debt or equity fund

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph (d) of subdivision 3 of section 99-ii of the
 2 state finance law, as added by section 2 of part II of chapter 58 of the
 3 laws of 2022, is amended to read as follows:
 4 (d) subject to available appropriations and providing that no more
 5 than [fifty] three hundred million dollars in funding, shall be made
 6 available, whether directly or indirectly for investment in a private
 7 debt or equity fund formed pursuant to subdivision thirty-two of section
 8 one thousand six hundred seventy-eight of the public authorities law or
 9 to cover capital costs associated with establishing conditional adult-
 10 use cannabis retail dispensaries for operation by social equity licen-
 11 sees duly licensed pursuant to article two of the cannabis law. Such
 12 capital costs shall include all costs, including closely related ancil-
 13 lary costs, related to the leasing, planning, design, construction,
 14 reconstruction, rehabilitation, improvement, furnishing, and equipping
 15 of such adult-use cannabis retail dispensaries, to the extent such work
 16 has been undertaken or costs for such work incurred by: (i) the office
 17 of cannabis management and the cannabis control board, (ii) the dormito-
 18 ry authority of the state of New York, or any subsidiary thereof, under
 19 agreement with the office of cannabis management and the cannabis
 20 control board, or with the private debt or equity fund formed pursuant
 21 to subdivision thirty-two of section one thousand six hundred seventy-
 22 eight of the public authorities law, or (iii) the private debt or equity
 23 fund formed pursuant to subdivision thirty-two of section one thousand
 24 six hundred seventy-eight of the public authorities law. Any repayment
 25 of the state's investment by the fund, as authorized in this paragraph
 26 shall be deposited in the New York state cannabis revenue fund.
 27 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00500-01-5

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