As the cannabis industry grows and more and more states and municipalities decriminalize and legalize recreational marijuana, a group of people in New York are working to make sure that their communities are at the table when the state’s laws and policies take shape.
The Latino Cannabis Industry Association, based in upper Manhattan’s Washington Heights and comprised of operators, educators, attorneys, doctors, business owners and community stakeholders, was formed late last year and officially became a nonprofit in early 2022.
Jeffrey Garcia, the group’s president, said getting a license is the first step to developing businesses throughout the community.
“We want to make sure that our members are ready to actually not only get licenses, but build out these businesses and create generational wealth in our communities,” said Garcia, adding that they will be looking for stakeholders and investors.
“We understand that there are many folks in our communities with resources, financial resources, business resources, real estate resources, that are Latinos, that we need to get into the fold. And that’s going to come in the form of education,” Guzman told WSHU Radio. “They’re going to spread their knowledge and help us all out when we start our own businesses.”
Why It Matters
The assocication seeks to ensure that competitive license applicants of Latin heritage have the opportunity to enter what is sure to be a huge industry. A 2020 report by Arcview Market Research and BDSA projected that the New York cannabis market will be worth more than $1.6 billion by 2025.
The association also intends to guide policy and promote sustainability in cannabis growing and cultivation within New York.
“The moment for Latinos to have a voice … is now when policies are being determined,” Melissa Guzman, vice president of the association told the Times Union.
According to the association’s website, this is the community’s “bitcoin moment” and people want to make sure that they benefit from the new industry.
The association aims to create generational wealth using a vertical supply chain for cannabis products.
“As cannabis legalization spreads across the country and the globe, those who have been negatively impacted the most must also be in line for the benefits that come with legalization. Latino communities have been disproportionally targeted in the Drug War and we must take our place at this new legal table,” reads the organization’s webpage.
Laws in New York have set a target for regulators to grant 50 percent of all cannabis licenses to equity applicants. This includes minority and women-owned businesses, distressed farmers and service-disabled veterans, all of whom would have access to state-run loans, grants and incubator programs.