Gotham finished up our first cohort of Black founders, called the Gotham Growth Project, who are building CPG brands in the cannabis space. It was a six-week curriculum with an incredible group of people from multiple industries that came to speak about building a brand, leadership, operations, legal, finance, etc.

At the next The Highrise event on October 22 (info coming soon), each founder will take the stage and talk about their brand. Yes, we are following the models of Techstars and Y Combinator, but in the cannabis industry, there is no money, and we don’t take a stake in their business. We do this to do the right thing, for a community that deserves to shine in this industry. We are sharing our skills and knowledge and educating them through leaders in different industries.

I read this week that Everlane was sold to Shein, another brand that was built over the last two decades. Everlane struggled for 15 years to achieve consistent profitability, whereas Shein, based in China, is very profitable. I think about all the brands built over the past fifteen years, fueled by capital, how much money went into them, and how many tanked after going public or were sold for pennies on the dollar.

Many of the investors in these new millennial brands leaned into growth mode, as if they were tech companies. CPG, wholesale, and retail businesses are very different. I hope there has been a learning curve and that investors come into the new CPG landscape with fresh eyes and expectations.

The cannabis space is wide open to new brands. The difficulty is that each state has its own set of rules, laws, and regulations, which means a founder must find a new farm to work with in each state and a new dispensary (sales) pipeline. It would be easier if a founder could replicate the model in each state, but that would be too easy, and nothing is easy in this industry.

Keep in mind that I am an eternal optimist, but I do believe federal legalization will happen this year, and that will open the door to investment. Very few investors have taken a leap of faith into this industry. Growing a CPG product in this space is not so different from Nike, read Shoe Dog. Phil Knight began by reinvesting profits in the business because he had no investors. But to grow without shipping gaps during periods of high demand, an infusion of capital was needed. During that time, Knight turned to the banks, which were not equipped to handle these amounts of capital; it was the 1970s, after all.

I am no longer investing, but if I were, I would look to the cannabis industry. There are some killer brands, such as Kiva, that deserve proper venture funding, not debt funding but equity funding. Debt is an unhealthy way to build a business, and it is time that these businesses have the proper funding that many of these dead CPG millennial brands received. There are also countless young brands with smart founders who have navigated a tangled web of roadblocks.

In cannabis, I hope a new group of investors comes in at the ground level and does so with realistic valuations. Many founders have a proven product that has bootstrapped in a highly regulated and disconnected industry. Every tech person I know who has dipped their finger into this industry is shocked. Federal legalization should change a lot of the insanity. Fingers crossed.

I hope that the many lessons learned over the past two decades will inform the next wave of CPG investors, who should take a hard look at cannabis. There will be winnings there.

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When we made the big decision to get our family’s first dog, we decided to adopt. At that time, we were living in the suburbs, and I made a few calls to the pounds before we made the rounds. The kids were one, four, and six.

That Saturday, we drove over to take a look at the dogs, but none of them spoke to us, so we went home. The next weekend, we got a call to meet a dog that had just arrived. The manager suggested we get there soon, because if a dog is there too long, they become a pound dog. I got it. It is easy to conform in uncomfortable environments.

I spoke with someone this week, and we discussed the need for governmental change. Both of us noted a few bright notes, young politicians who are looking at the world with a new pair of eyes. Many are refreshing, although rhetoric always scares me; execution is what I want to see.

Whether you like Bloomberg or not, when he came into power, he changed the way government operated and got more done than most. He ran the office with a guiding light and hired the best and brightest, giving them the ability to execute on that guidance.

Fast forward, and Bloomberg has many deep scars from those days. Who wouldn’t? When you talk to him now, he will tell you that you won’t be able to change that because of the unions, or you won’t be able to get that accomplished because of the contractors. Whatever the reason, I thought, has Bloomberg become a pound dog?

I am following the next generation of politicians (I believe they are), such as Talarico in Texas. He is insanely articulate, and he has deep moral beliefs. Very impressive. There are a handful across the country, like a Talarico, and more will enter the political arena.

Unless we have a full sweep of the elderly representatives and the rot that has infiltrated our government, such as lobbyists and unions, and how they operate, I fear that many of these new voices and ideas will become another cog in the wheel. How do we need to make sure they do not become pound dogs?

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I always have room to improve, don’t we all? I spent the last decade working on that and wondering about what makes me tick. It is not easy work. I can now embrace myself in ways that I did not expect.

As an entrepreneur, I am always thinking about how to zig and zag as we grow, change, and try to succeed. I can fix it. I can take that risk. I can, I can, I can. Over the years, I have worked with many entrepreneurs from the investment side, and I see too many who can’t let go. I get it.

At my age, perhaps wisdom, reality, and having proved myself to myself make it easier to let go in different ways.

Fred and I are at that point in our lives where our kids are getting married and having children of their own. Major milestones for sure. We are all moving on to the next chapter together, although in different ways. We are now the oldest in the room, and watching our kids navigate their lives. It is an insane joy.

I have been thinking a lot about how life-changing the next few years will be, and what that looks like. I want to be present in business and our kids’ lives, and that balance is hard, but at the end of the day, I have always been about family first. We might be the parents, but our role as grandparents will be guided by our kids.

Summer is around the corner, and I am sure I will be spending a lot of time thinking about all of this.

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What happened to the meatpacking area? 

In the day, the meatpacking area was what it was called: a meatpacking area. Just as there was a fish market on Fulton Street that now exists in the Bronx, the meatpackers ruled the streets in the enclave known as the meatpacking district.  Where did the meat packers go?

There was a cool grit years ago that could feel scary depending on the block in the meatpacking area.  Sure, people got mugged, but rarely does anyone get killed. Just give up the goods, and you will be fine.  Scared but ok. Back in the day, the stores were cool, cutting-edge, and community-oriented.

The man who owned all this real estate and had a vision was William Gottlieb. He drove around in a beat-up Woody wagon with a broken glass taped up for the side window. He bought over 150 buildings and never sold. Some would say it was his commitment to preservation, although I am not so sure. His first move to upgrade the meatpacking area was Pastis. But then he died.  

Now in the meatpacking area is a Sephora, Restoration Hardware, and mediocre restaurants, except, of course, Pastis.  It’s the only gem among the boring big-box luxury stores. All of these stores cater to whom? Certainly not the people who live in the neighborhood, but perhaps the tourists or destination visitors. Unfortunately, real estate has become too expensive, and only large global luxury stores can afford the costs. It’s depressing.

When stock declines for these global brands, they generally close underperforming stores. We have seen that countless times in NYC. How long will this last? When is this wave of indulgence over?

Here’s what I noticed the other night. Lots of empty stores. Could this be a sign? Aren’t we all on edge waiting for the shoe to drop? Will the government allow the real estate people to leave places empty (bad for neighborhoods) or force them to figure out (with their banks) how to lower the rent to market?

It is time for the city government to rein in the real estate community’s power in this town. The cost of everything is insane, from rent to restaurants. Is it just me, looking around on the edge of my seat, wondering when this Great Gatsby era is going to implode? Or is everyone else wondering the same thing?

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What is the cannabis industry going to look like in five years? Let’s hope that the federal government has the wherewithal to federally legalize the plant. When that happens, then what?

Based on everything I am reading, it is not only our country that has been slowly leaning into this new industry. Brazil is leaning in, and I can’t imagine what chaos that will bring. The Brazilian government’s laws are a world unto themselves. Watch the Edge of Democracy; it sums it all up.

Then, of course, we have other areas of South America changing to legalization. Canada embraced the plant long before any other country; Europe is on the verge, and Asia will take some time. Will the US be able to buy products from other countries and distribute them in our dispensaries, as we do with wine and liquor?

Federal legalization will most certainly toss every state that has already legalized the sale of the plant into a tailspin. Doesn’t the federal government overrule state laws? What kind of nonsense are the conservative and misguided liberals going to stick in the bill? Each elected official will want to save their state and, of course, save their donors’ money, funneling it into their pockets to stay in office. Will it just be a cave to lobbyists?

There is plenty wrong with the cannabis industry, but we do not have the cash that other industries have, so our involvement and discussions with the elected officials are mostly coming from the MSO (multi-state operators). They are far from profitable, but they are fighting for change to get there. The rest of us are sitting on the sidelines.

Is everyone in the business now just too early to the game? Not one state has gotten it right, and I do hope federal legalization is coming, but that opens up a whole other can of worms and guardrails.

What comes next?

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The Public Housing Community Fund (PHCF) is proud to announce a $3.3 million grant from the Leona M. and Harry B. Helmsley Charitable Trust to expand the Green Space Connections program across four additional New York City Housing Authority (NYCHA) campuses. This new investment builds on the success of the program’s first phase and reinforces a shared commitment to transforming underutilized spaces into vibrant, resident-driven community assets. Through NYCHA’s award-winning Connected Communities program, residents are co-designers, helping shape the future of their own neighborhoods while advancing health, safety, and climate resilience.This next phase builds on our growing portfolio of resident-centered open space transformations across NYCHA. From the revitalization of Harborview Terrace’s open spaces (under construction, pictured below), including new fitness zones, playgrounds, and gathering areas, to the creation of innovative projects like a sensory garden and playground at Morrisania Air Rights Houses in The Bronx and a new splash pad at Pomonok Houses in Queens, these efforts demonstrate what is possible when design is rooted in lived experience. At Morris Houses, the “Common Corner” (pictured above) transformed an overlooked area into a welcoming hub for connection and activity.Green Space Connections itself has already delivered meaningful results. At Patterson Houses, residents now enjoy upgraded playgrounds, adult accessible fitness equipment, and enhanced basketball courts, while Castle Hill Houses introduced NYCHA’s first resident-selected dog park alongside BBQ and seating areas. At Marlboro and Roosevelt Houses, construction is advancing toward new landscaped plazas, expanded lawn access, and improved play spaces. At the same time, PHCF continues to invest beyond green spaces, supporting community centers, Innovation Labs, and public art through the From Roots to Arts program, including installations at Bushwick Houses, Astoria Houses, and King Towers, as well as the restoration of the historic Exodus and Dance frieze and NYCHA’s first heritage walk featuring Migration (pictured to the left).Together, these investments represent a comprehensive approach to community development and one that connects open space, arts, technology, and programming to improve quality of life, safety, and health. By centering residents at every step of the process, PHCF, NYCHA, and its partners are helping build healthier, safer, and more resilient communities across public housing campuses, ensuring they are not only places to live but also places to thrive.

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I have been privileged and old enough to have watched industry cycles. Think of all of the ISPs back in the day, Mindspring, MSN, AOL, Yahoo, Earthlink, Excite, and of course, Google. It took time, but eventually, there is no doubt that Google is the clear winner.

Putting my investor hat on, it is rare to see a new business created when no one else in the world is doing it. I have been thinking about this since I saw Mark Pincus’s rant about how nothing is new. I have known Mark since he was 22 years old, and he is the same now as he was then, just wiser.

Each genre of new businesses built over the past thirty years has followed different business arcs. I like to think about climbing a mountain. It takes time to get to the first mesa, where everyone unpacks, takes a look around, and tries to figure out how to take everything that has been learned, repack (reshuffle), and hike up to the next mesa. On the next mesa, there might not be as many competitors; you might run out of money, and one company could be leading the charge. It doesn’t matter the industry, this is the nature of growth.

When I look at the landscape of the cannabis business in NYS, it is time to tighten up the industry. Not that the OCM is listening to me, but unless they force parts of NY that have chosen not to allow dispensaries there, most of Long Island, they should not give out any new licenses.

The numbers show that few will break even, not pay themselves salaries, while others are selling cannabis from a one-man shop, and some are profitable. Given the amount of money invested in these businesses and the oversight required, it will take years for certain shops to become profitable or pay back the capital they invested.

There needs to be a check in the market. Let’s push the industry to clarify its direction so we can become more powerful rather than spread out. Everyone in the industry is waiting for the bottom to fall out as stores begin to sell or close. We need to get to another mesa.

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I have been making the rounds through the world of politics, and it is not pretty. It comes down to money and lobbyists to get anything done. Each part of the system differs based on laws, rules, and regulations, but not on common sense. Common sense would be the antithesis of how the foundation of the cannabis industry was built.

Every week, it’s a different issue to deal with. Today, the OCM launches new rules and regulations for Cannabis Showcase Event Applications. This should be exciting, but like everything in this industry, it’s another level of frustration, forcing all of us to figure out how to make it worthy. These are the four top items to think about before even applying.

• Municipal approval is required before the Office can review an application.
• Events must take place at eligible locations, such as pop-ups or public markets.
• Applications must be submitted at least 45 days prior to the event start date.
• Approved events are temporary and location-specific.

Nobody is going to make real money at pop-ups or public markets (aka farmers’ markets). Taking 45 days to review an application is ridiculous. Has anyone in government ever thought about building an agent to get this done in 24 hours?

There is still no direction for indoor consumption, and what does that mean? Smoke, gummies, or drinks, or all three? In 2021, these are some of the laws that were created.

Prohibition: A cannabis retail licensee cannot sell alcoholic beverages, nor have a permit to sell alcohol, at the same location where cannabis products are sold.
Consumption Lounges: As of 2026, on-site consumption lounges are open, but they are not permitted to sell or allow the consumption of alcohol on the same premises.
Proposed Changes (2026): Legislation (S9220) was introduced in February 2026 that would allow existing licensed liquor and wine stores to obtain a permit to sell low-potency cannabis beverages (5mg THC or less).

Summer concerts throughout New York State are a perfect place to sell cannabis. Everyone is getting stoned as it is. But no, the heavy-handed alcohol industry made sure that would not happen, and considering there is no money in the cannabis industry and everyone is just holding on by the seat of their pants, the cost to change this is untenable. How do we get around that?

Why should licensed liquor stores be able to sell regulated THC drinks that can only be sold in dispensaries? Are they talking about hemp-based drinks that have been made illegal in the federal courts? Unclear, but I fear politicians will allow the alcohol industry to get what they want because they are well-funded with lobbyists.

The one thing the politicians might get behind is breaking up all the illegal distribution channels, particularly the underground ones that handle delivery. Why? It looks good for politicians to be forceful on this stuff in an election year.

The biggest caveat of all of this is that when cannabis becomes federally legal, all the NYS regulations go out the window, with a new set of guardrails, and lobbyists rule in Washington.

Has anyone considered that this industry is the next tax base as AI takes away jobs and taxes? Are there any politicians thinking ahead? Oops, that would take common sense.

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Age creeps up on all of us. These days, some of our friends are moving into the stage where their kids are getting married and having babies (like us). It is so joyous and exciting to watch the next generation move into the next phase of their lives.

I am listening to what many are doing, from mahjong to crocheting, gardening, golfing, and learning bridge. Could I do that? Could I get into the groove and take my life down several notches? I don’t have to run at the pace I run, although I do enjoy it. Yet I look in the mirror and think, gasp, you are getting older, and then, of course, the aches and pains. Will I start to feel like I am slowing down at one point? So many questions, and only time will give me answers because everyone is different.

As always, there is a balance. I am three years in on Gotham’s first store, 3 E 3rd (our Bowery store), which opened on May 11th, 2023. Every day, it seems like there is another challenge to get to where we need to be. I’m seeing progress as technology becomes more integrated into the biz, and the reality of what the state will look like in a few years is clearer. There seems to finally be a brighter light at the end of the tunnel.

Unfortunately, the future of the cannabis industry in NYS will end up being multiple stores in the state that can wait it out without putting a dime in their pocket or multi-state operators. The social mission NYS planned for won’t be realized. It could have, but it’s unlikely. The government should have hired companies like McKinsey, which provide a long-term view to help them think about how to get there when they set forth the rules and regulations. Instead, it has been an absolutely shit show for everyone involved.

Chairing the Public Housing Community Board is essentially another start-up as we figure out how best to serve NYCHA residents. How long will I do this? I sit on other boards, and how long will I do that?

I am thinking a lot about the retirement memo I seem to have missed. Some say don’t stop, but what does that mean? Trust me, I can hardly wait to be a Grandma, and perhaps take a quilting class. Next year, I might spend some more time reading the memo.

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