S 1137: Increases the amount of funding permissible for the investment in a cannabis private debt or equity fund to $300,000,000.

  
  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