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New York’s legal cannabis market was built on the promise of equity — an opportunity to uplift communities disproportionately harmed by prohibition. However, many small businesses at the heart of this mission are on the brink of collapse, threatened by a landscape increasingly dominated by profiteers. Without immediate intervention, the state risks not only failing its social equity commitments but also losing millions in tax revenue and ceding ground to the illicit market.

A recent New York Times exposé highlighted the collapse of the state’s private investment fund, originally........

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