New York State Assemblymember Stefani Zinerman (D) introduced Assembly Bill 5647 today, known as the Cannabis Community Reinvestment Act.
The bill would require marijuana businesses in the state to allocate a portion of their revenue to support communities disproportionately impacted by past prohibition policies.
Under the proposed legislation, licensed cannabis operators would be required to contribute at least 2% of their annual profits to community reinvestment efforts. Each operator would need to submit a reinvestment plan outlining how they intend to support affected communities, including, if applicable, the area where their business is located. The New York State Cannabis Control Board would oversee compliance, establishing criteria and a scoring system for evaluating these plans.
Proponents say the bill is a step toward fulfilling the promises made when New York legalized recreational marijuana in 2021, creating long-term economic opportunities for those most impacted by past enforcement policies. Opponents of the measure call it an unnecessary burden on marijuana businesses, some of which are already struggling.
AB 5647 has been assigned to the Economic Development Committee.
