New York Opens Applications for $5 Million Cannabis-Funded Community Grants Program

0.7 min readPublished On: October 16th, 2024By

NEW YORK- New York State has opened applications for a $5 million Community Reinvestment Grants program, funded by cannabis tax revenue. This initiative is designed to support areas that have been disproportionately impacted by past drug enforcement policies. Administered by the Office of Cannabis Management (OCM), the program will offer individual grants of $100,000 to address community needs, including housing, mental health services, workforce development, and childcare.

The funds are part of the broader goal to ensure that 40% of cannabis tax revenue is reinvested into underserved communities. The first round of grants will prioritize services for young people up to age 24, focusing on historically over-policed and under-resourced regions across New York. Interested nonprofit organizations do not need to have direct involvement with cannabis-related activities to qualify for funding.

Applications are expected to open later this fall, and organizations are encouraged to begin the prequalification process due to the administrative steps involved

About the Author: HCN News Team

The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

Share This Story, Choose Your Platform!