CM Thomas-Henry on Cannabis Impact Fund delays

Thank you, Chair.

So I've been doing a series of business tours, and I had the privilege of visiting a few cannabis businesses.

So in the executive budget, it rolls over $7.1 million from fiscal year 2026 to fiscal 27 for the Cannabis Impact Fund

because no loans were distributed this fiscal year as the program transitioned.

While I appreciate the expansion of eligibility, what specific challenges caused the delay and what assurances can you provide that these funds will reach businesses expeditiously in 27?

Yes, thank you.

So we structured the cannabis loan fund into two phases.

The first phase was about $1.4 million.

There was about like 200 or so businesses that had these licenses.

They were sort of just as involved individuals were the owners.

And that we provided 14 loans, about 80 applied.

Phase two is sort of expanding, like you said, and the cap on that loan was about 100.

We've expanded in phase two to 540 businesses that are eligible.

And so far we have had about 60 apply.

Again, it's a rolling sort of application.

And we're estimating, and the cap on the size of those loans are 500,000.

So they're higher loan amounts.

We're expecting that we're going to be providing loans starting in the fall of this year and through like 2028.

So it's going to be sort of an ongoing program.

And about 26, we're estimating about, projecting about 26 loans will be given out on that.

Okay, and how is EDC tracking where the dollars go geographically?

Like, can you provide data on whether communities that were most impacted by cannabis enforcement, including communities of color, specifically in Queens, Brooklyn, and the Bronx, are receiving a proportionate share of those dollars?

Yeah, we can provide that information for you.

Okay.

Yeah.