Increases the amount of funding permissible for the investment in a cannabis private debt or equity fund

This bill increases the maximum state funding available for investments in cannabis private debt or equity funds from $50 million to $300 million. It directly affects social equity cannabis licensees and the funds supporting their retail dispensaries by allowing capital costs - such as leasing, construction, and equipment - to be covered under this higher cap. The funds can be used for establishing adult-use cannabis retail locations operated by social equity licensees, including related planning and design expenses. Any repayment of the state's investment must be deposited into New York's cannabis revenue fund.