NY encourages financial support for budding marijuana industry
While marijuana legalization varies tremendously state to state, all evidence points to an increasingly mainstream adoption of medical marijuana across the US, with over half of the union (30 states) legalizing its use for medicinal purposes. However, with such inconsistent attitudes and varying legalities, those people looking to cash in on the industry are struggling to find the resources and financing they need. New York Governor Andrew Cuomo thinks it’s high time we take measures to help these businesses out.
New York legalized medical marijuana in 2014, and was the 23rd state to do so. However, while the doctors are allowed to prescribe it, finding a dispensary nearby is harder with only a handful available. The reason? It takes a tremendous amount of startup capital, as in $30-50 million. Getting funding and business loansfor this growing industry is hard, and getting advice on how to do it without knowing the owners of the big five current dispensaries personally is next to impossible. Additionally, the tax revenue more dispensaries could create is hard to ignore. Earlier this month, Cuomo took a big step in helping others get in the game.
From the New York State Department of Financial Services press release:
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