FOR IMMEDIATE RELEASE
April 20, 2026

SBS, NYCEDC UNVEIL MAJOR EXPANSION OF CANNABIS NYC LOAN FUND

City Fund Now Offers Loans of up to $500,000 to New York City Cannabis Entrepreneurs

Fund Now Open to All Licensed Cannabis Enterprises in New York City

Fund Will Create a More Equitable Industry by Providing Affordable and Flexible Capital to Early-Stage Cannabis Businesses Across New York City

NEW YORK – Today, New York City Department of Small Business Services (SBS) Commissioner Kenny Minaya and New York City Economic Development Corporation (NYCEDC) Interim President and CEO Jeanny Pak announced that applications are open for the second phase of the Cannabis NYC Loan Fund, administered by the cannabis-focused investment firm Tuatara Capital. The Fund, which was launched in 2024, is designed to further decrease the barriers to entry for cannabis businesses that struggle to access capital from traditional lenders and create a more equitable industry across New York City.

With the launch of this next phase, the Cannabis NYC Loan Fund is expanding its scope of lending: in its first phase, the fund was open to Conditional Adult-Use Retail Dispensaries (CAURD) licensees only, and offered loans of up to $100,000. In this second phase, the Fund will expand eligibility to additional licensed adult-use cannabis businesses operating in New York City, doubling the eligible pool of potential applicants to more than 540 licensees. In this next phase, the Cannabis NYC Loan Fund will offer loans of up to $500,000.

The Cannabis NYC Loan Fund represents one of the nation's most ambitious city-led financing initiatives supporting licensed cannabis entrepreneurs. To date, the Cannabis NYC Loan Fund has disbursed over $1 million in loans to 13 justice-impacted CAURD licensees across all five boroughs in New York City.

With an expanded eligible applicant pool and higher maximum loan sizes, the city expects to deploy more than $6 million in additional funding through this subsequent phase of the Cannabis NYC Loan Fund.

In this next phase of lending, the fund will expand its scope to include other license types, including Processor, Microbusiness, Cultivator, Retail Dispensary, and Distributor.

Other than the increased maximum loan size, the core loan terms remain aligned with the fund's goal of promoting the development of a vibrant and equitable cannabis industry in New York City. Unlike other loan funds, the Cannabis NYC Loan Fund does not restrict use of proceeds for borrowers, emphasizing flexibility. Loan terms are up to three years, with interest rates capped at 9.5 percent.

"Access to affordable capital is one of the biggest hurdles to success for small businesses across sectors, and this is especially true for New York City's legal cannabis entrepreneurs – many who are justice-involved individuals," said SBS Commissioner Kenny Minaya. "Since its launch, the Cannabis NYC Loan Fund has been a powerful tool in tearing down those barriers, and this major expansion will only supercharge our efforts. I want to thank everyone at SBS, NYCEDC, Tuatara Capital, and most importantly, the borrowers, for making this program not only possible, but successful."

"Today's expansion of the Cannabis NYC Loan Fund will create a more equitable industry and increase access to affordable capital for early-stage cannabis businesses," said NYCEDC Interim President & CEO Jeanny Pak. "Building on the success of the first phase, we are thrilled to continue our partnership with SBS and Tuatara Capital to expand the fund's scope of lending and eligibility, all with an eye to building a more just cannabis ecosystem across New York City."

In addition to loan funding, both recipients and applicants to the Cannabis NYC Loan Fund can connect with one-on-one technical assistance and advice from SBS's Cannabis NYC team, as well as other SBS resources including the New York City Business Express Service Team (NYC BEST). One-on-one technical assistance includes help completing the application to the loan fund, as well as general support and advice on the day-to-day operations of running a small business.

The Cannabis NYC Loan Fund is currently accepting applications, and the application window will remain open until May 25, 2026. Once the initial submission window closes, applications will be accepted on a rolling basis after the applications are reviewed from the initial submission window.

Interested parties must apply here.

The Cannabis NYC Loan Fund adds to the growing list of resources that SBS offers:

• NYC LEASE, an initiative designed to connect landlords of vacant commercial storefronts with licensed cannabis entrepreneurs seeking viable commercial spaces for dispensaries. The program also provides education about New York State cannabis regulations, and SBS's Commercial Lease Assistance Program (CLA) to landlords and CAURD licensees;
• Cannabis Reentry Employment Assistance and Training Experience (CREATE), the city's initiative for cannabis workforce development. A partnership between the Mayor's Office of Criminal Justice (MOCJ) and SBS, CREATE provides individuals recently released from incarceration with the necessary job-readiness skills to thrive as retail dispensary associates in the rapidly expanding legal adult-use cannabis industry. Interested parties are encouraged to apply here;
• FastTrac® for Cannabis Entrepreneurs, a free educational program that connects cannabis business owners with high-quality training and advice proctored by leading players in the legal cannabis industry. Access to the program is available to both ancillary and licensed cannabis entrepreneurs at all stages of the startup and licensing process and is presented virtually as a 10-session, 30-hour series of online courses. Applications are accepted on a rolling-basis. Interested parties are encouraged to apply here;
• Cannabis Account Managers through SBS's NYC Business Solutions Centers, offer free services in all five boroughs including business courses, consultations, financing assistance, legal assistance, hiring assistance, government navigation, compliance consultations, and Minority- and Women-owned Business Enterprise (M/WBE) Certification.

"As a recipient of a loan in the first phase of the Cannabis NYC Loan Fund, we were able to take a real step forward in bringing our vision to life," said Keston Karter, owner, Of the Earth Canna. "The support made it possible for us to move toward opening our store and building something meaningful in our community. Programs like this are critical in ensuring that operators like us have a fair opportunity to participate in and succeed within this industry."

"Receiving this funding is a major milestone for our business and a meaningful step forward in expanding equitable access within the cannabis industry," said John Ha, owner, Gaslight Dispensary. "It allows us to continue building a compliant, community-focused dispensary while creating jobs and contributing to the local economy."

About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.

About the Department of Small Business Services (SBS)
SBS helps unlock economic potential and create economic security for all New Yorkers by connecting New Yorkers to good jobs, creating stronger businesses, and building vibrant neighborhoods across the five boroughs. For more information, visit nyc.gov/sbs, call 311, and follow us on Facebook, X (Twitter), Instagram, and LinkedIn.