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Senate Bill S1137

2025-2026 Legislative Session

Increases the amount of funding permissible for the investment in a cannabis private debt or equity fund

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Current Bill Status - In Senate Committee Finance Committee

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2025-S1137 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Amd §99-ii, St Fin L

2025-S1137 (ACTIVE) - Summary

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

2025-S1137 (ACTIVE) - Sponsor Memo

2025-S1137 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1137
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              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:
 
   Section 1. Paragraph (d) of subdivision 3  of  section  99-ii  of  the
 state finance law, as added by section 2 of part II of chapter 58 of the
 laws of 2022, is amended to read as follows:
   (d)  subject  to  available  appropriations and providing that no more
 than [fifty] THREE HUNDRED million dollars in  funding,  shall  be  made
 available,  whether  directly  or indirectly for investment in a private
 debt or equity fund formed pursuant to subdivision thirty-two of section
 one thousand six hundred seventy-eight of the public authorities law  or
 to  cover  capital costs associated with establishing conditional adult-
 use cannabis retail dispensaries for operation by social  equity  licen-
 sees  duly  licensed  pursuant  to article two of the cannabis law. Such
 capital costs shall include all costs, including closely related  ancil-
 lary  costs,  related  to  the  leasing, planning, design, construction,
 reconstruction, rehabilitation, improvement, furnishing,  and  equipping
 of  such adult-use cannabis retail dispensaries, to the extent such work
 has been undertaken or costs for such work incurred by: (i)  the  office
 of cannabis management and the cannabis control board, (ii) the dormito-
 ry  authority of the state of New York, or any subsidiary thereof, under
 agreement with the  office  of  cannabis  management  and  the  cannabis
 control  board,  or with the private debt or equity fund formed pursuant
 to subdivision thirty-two of section one thousand six  hundred  seventy-
 eight of the public authorities law, or (iii) the private debt or equity
 fund  formed  pursuant to subdivision thirty-two of section one thousand
 six hundred seventy-eight of the public authorities law.  Any  repayment
 of  the  state's investment by the fund, as authorized in this paragraph
 shall be deposited in the New York state cannabis revenue fund.
   § 2. This act shall take effect immediately.

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