The appointment of a chief equity officer by New York regulators is a critical step in the state’s plan to develop a diverse, multibillion-dollar recreational marijuana industry.
Damian Fagon, a third-generation farmer, was appointed to the Cannabis Control Board on Monday, following another significant equity step last week.
Gov. Kathy Hochul appointed a 20-member advisory board to help develop a social and economic equity plan, as well as a minority-led investment team to manage a $200 million social equity fund.
The state Cannabis Control Board also opened processor applications on Tuesday until August 31, according to the Staten Island Advance.
Many industry officials see a chief equity officer as the key to the state’s goal of awarding 50% of adult-use licences to equity applicants, including individuals from minority groups.
The war on drugs has had a disproportionate impact on communities.
According to the Advance, “Damian’s background as a leader in New York’s Black farmer community, his knowledge of the industry, and his efforts to support farming communities around the world uniquely position him to develop our equity programme.”
According to the Advance, Fagon has advised hemp operations in New York and South Carolina, as well as castor-oil producers in Jamaica, rice farmers in Sierra Leone, and coffee exporters in Guatemala.
The chief equity officer is required by New York’s adult-use marijuana law to assist in the development and implementation of the social and economic equity plan, as well as to ensure that it is followed.
