New York is set to inject $200 million into the local marijuana real estate market, leasing up to 150 retail properties that will be given to social equity businesses to give them a leg up in the state’s new recreational market.
The move is believed to be the first of its kind in the U.S. cannabis industry, and, if successful, could provide a road map for other states rolling out social equity programs.
At least one brokerage firm, CBRE Group, is already scouting locations on behalf of the Dormitory Authority of the State of New York (DASNY), the agency overseeing the disbursement of the funds, a DASNY spokesperson confirmed in an email to MJBizDaily.
CBRE representatives are “looking for good retail locations throughout the state located in municipalities that have opted in to allow retail dispensaries,” according to the spokesperson, Jeffrey Gordon.
The brokerage firm declined to comment.
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