The New York City Economic Development Corporation (NYCEDC) and the Department of Small Business Services (SBS) have appointed Tuatara Capital as the investment manager for the newly launched Cannabis NYC Loan Fund. Initially funded with $2 million, this initiative aims to extend affordable capital to early-stage cannabis businesses, fostering an equitable industry in New York City. Tuatara Capital, with nearly a decade of experience and a $400 million portfolio, will manage the day-to-day operations and spearhead fundraising efforts. The fund, expected to grow to $20-$30 million, will use city capital to attract additional investments. Loans provided through the fund are designed to support startups with operational expenses and offer significant flexibility, especially targeting Conditional Adult-Use Retail Dispensary (CAURD) licensees. This initiative is part of Mayor Adams’ broader commitment to developing an inclusive cannabis market, supported by the Cannabis NYC hub for resources and services.
Cannabis Industry, Finance, Economic Development,New York City, USA
https://edc.nyc/press-release/city-selects-tuatara-capital-manager-cannabis-nyc-loan-fund