New York regulators installed a chief equity officer, a key step to the state’s plan to develop a diverse, multibillion-dollar recreational marijuana industry.
The Cannabis Control Board’s appointment of Damian Fagon, a third-generation farmer, coincided with another major equity step last week.
That’s when Gov. Kathy Hochul appointed a 20-member advisory board to assist in creating a social and economic equity plan as well as a minority-led investment team to manage a $200 million social equity fund.
The state Cannabis Control Board also opened processor applications until Aug. 31, the Staten Island Advance reported.
Many industry officials characterized a chief equity officer as the linchpin to achieving the state’s goal of issuing 50% of adult-use licenses to equity applicants, including individuals from communities disproportionately impacted by the war on drugs.
“Damian’s background as a leader in New York’s Black farmer community, his knowledge of the industry, and his efforts to support farming communities around the world uniquely position him to develop our equity program,” Cannabis Control Board Chair Tremaine Wright said, according to the Advance.
Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.
Get your 2023 MJBiz Factbook now!
- 200+ pages and 50 charts with key data points
- State-by-state guide to regulations, taxes & opportunities
- Segmented research reports for the marijuana + hemp industries
- Accurate financial forecasts + investment trends
Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.
Fagon has worked with castor-oil producers in Jamaica, rice farmers in Sierra Leone and coffee exporters in Guatemala and also advised hemp operations in New York and South Carolina, the Advance reported.
New York’s adult-use marijuana law calls for the chief equity officer to assist in the development and implementation of the social and economic equity plan as well as to ensure that it is complied with.