The Dormitory Authority of the State of New York, which is leading the build-out of the state's first cannabis retail stores, is retaining additional counsel for its cannabis-related endeavors.
DASNY board chair Alfonso L. Carney Jr. said the board is in the process of finding a firm that could focus on the cannabis industry so that R. Nadine Fontaine, general counsel for DASNY, can focus on the rest of the organization.
It's unclear if the board will choose from an already procured list of candidates or if it will choose another firm, but Carney Jr. said during a meeting Wednesday that DASNY intends to make a decision quickly.
"With a little luck, we can actually send some project work to a firm that will only work for the board," Carney Jr. said.
New York state officials have said they're planning for 15-20 dispensaries to open by the end of 2022. The owners of those first stores will be the first of roughly 150 Conditional Adult-Use Retail Dispensary (CAURD) licensees.
Earlier this fall, the DASNY board approved $20 million in funding to lease properties and complete build-out of those first 15-20 stores.
That approval was made in the form of a limited partnership agreement between DASNY and Social Equity Impact Ventures, manager of the $200 million New York Social Equity Cannabis Fund, through which the CAURD store leasing and build-out will be financed.
Up to $50 million of the Social Equity Cannabis Fund is coming from DASNY in the form of licensing fees and revenue...
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