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New York’s Cannabis Control Board recently passed a long-awaited slate of regulations that, in part, put strict limits on which people or entities can hold a financial interest in certain weed businesses.
These “True Parties of Interest” rules (TPIs) were designed to prevent monopolies in New York’s cannabis industry, and set rules prohibiting certain financial interests among both sides of the state’s two-tier market – the supply tier and the retail tier.
But while the Office Of Cannabis Management is holding businesses to stringent standards, the state appears to be giving itself a fair amount of latitude in its funding agreement with asset management firm Chicago Atlantic – the sole private lender to New York’s $200 million social equity fund for Conditional Adult-Use Retail Dispensaries (CAURDs).
That’s because Chicago Atlantic owns at least 15 million shares – or a little more than 10% – of Vireo Health, a vertically integrated multi-state medical cannabis company currently operating in New York, while at the same time, the firm is now heavily involved in the state’s conditional retail program.
“We’ve visited every single site that’s been chosen so far” for the CAURD program, said Chicago Atlantic Managing Director Peter Sack in an interview with Green Market Report. “We need to create and pick locations and build out locations that are going to be successful for our main client.”
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