The cannabis industry continues its climb, with states breaking their own records year after year and global sales expected to reach $33.6 billion by 2025. Former Governor Andrew Cuomo signed legislation that legalized recreational cannabis in April 2021. Since then, businesses have emerged around the state to help navigate the new industry, including The Latino Cannabis Association, or The LCA, in Washington Heights, New York.
The LCA is a nonprofit organization dedicated to providing Latinos with access to the competitive cannabis business by ensuring they have obtained applications and contacts that will allow them to grow and succeed in the blossoming cannabis marketplace. The organization held its launch event on Tuesday, March 1, where it also introduced its board and 25 founding members.
The website notes that The LCA has the civic purpose of social welfare as follows: developing and advocating for legislation, regulations and government programs that work to improve the environment, protect natural resources and stimulate the New York economy; conduct research and publicize the positions of organizations and individuals around these and other related issues and “any purpose for which corporations may be organized under Not-for-Profit Corporation law as a non-charitable corporation to promote the common good and general welfare of the New York community.”
The site also notes that The LCA membership is composed of highly competitive licensee applicants for New York’s new, adult-use cannabis industry. It carries on to describe The LCA as a “multi-dimensional coalition that is rich in major political and business leader support,” though it has established membership that captures a “diverse cross section of established entrepreneurs” within the Latino community and legacy operators, all spanning generations.
The group also said in a news release that it’s looking to guide policy and promote sustainability. The LCA President Jeffrey Garcia spoke out in an interview with Times Union, noting, “The expansion of the regulated cannabis industry in New York is moving very fast.” He added that he hopes the group will help cannabis license applicants to “successfully navigate the process” as they build their own profitable enterprises.
“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,” Garcia told Benzinga, adding that they will look for stakeholders and investors next.
He also nodded to the group’s understanding of people in the community, who might lack financial, business and real estate resources and the need for education.
“They’re going to spread their knowledge and help us all out when we start our own businesses,” Garcia said.
The group’s announcement comes prior to state regulators’ introduction to draft regulations for the industry, and most cannabis business hopefuls will only be able to apply for licenses once those regulations are locked in. Some businesses have been laying the groundwork on their own, despite the lack of regulations, garnering favor with politicians, investing in land and facilities and promoting their proposed future business plans among potential employees and customers.
The LCA Vice President Melissa Guzman spoke to this directly, saying, “The moment for Latinos to have a voice … is now, when policies are being determined.”
New York law sets a target that regulators must aim to grant 50 percent of all cannabis licenses to equity applicants, including minority- and women-owned businesses, distressed farmers and service-disabled veterans, focusing on “communities disproportionately impacted by the enforcement of cannabis prohibition.”
The New York State Cannabis Control Board approved the proposed Medical Cannabis Program regulations last month. The Office of Cannabis Management must now file the regulations in the State Register, which will then begin a 60-day public comment period.
