Theory Wellness Social Equity
Theory Wellness cannabis social equity program round two has begun.
Theory Wellness ("Theory" or "the Company") has announced its search for the next wave of cannabis entrepreneurs in Massachusetts. Through its website, the company has begun collecting submissions from prospective social equity or economic empowerment candidates to become the next sponsorship recipient. The Cannabis Control Commission certifies the status of social equity or economic empowerment to those disproportionately impacted by high rates of arrest and incarceration for cannabis-related crimes due to previous state and federal drug policies.
The company's inaugural recipient was Vanessa Jean-Baptiste of Legal Greens, a dispensary located in Brockton, Massachusetts. Legal Greens opened in March 2021 as the first black-woman-owned recreational cannabis dispensary on the East Coast following a three-year journey. The first-generation Haitian-American-led team was the recipient of the sponsorship, which included $250,000 to the applicant in the form of $100,000 in zero-interest financing and $150,000 worth of startup cannabis inventory on consignment. Theory also supported in key areas where cannabis operations can struggle, including banking, insurance, licensing, and marketing.
"The team at Theory helped pave the way for us to get our doors open. Through every step in the process, we could rely on them for support in a range of areas that most cannabis brands struggle through," shares Vanessa Jean-Baptiste, President and founder. Brandon Pollock, CEO and co-founder of Theory, pointed out, "Cannabis financing is harder today than it's ever been given the current market landscape and economic headwinds. After a terrific first round of the program, we're doing it again to show how the private sector can further support a diverse cannabis market."
The Company is soliciting interest on its website, while a formal application will be dispersed in early 2023. Any license type in Massachusetts is welcome to apply, including delivery and prospective consumption lounges. The first round of the application process will be reviewed by a diverse range of Theory employees from retail to production. The program remains a "no strings attached" support program; Theory does not take any equity stake in the applicant or require the applicant to sign any management or inventory purchasing contracts.
About Theory Wellness
Theory Wellness is an independently owned and operated cannabis company that cultivates and manufactures cannabis and serves patients and consumers in Massachusetts, Maine, and soon to be Vermont. Theory sources unique genetics and creates premium products that include flower, concentrates, edibles and infusions, and brands. For more information, visit https://theorywellness.org/.
Chief Marketing Officer
Press Release Service by Newswire.com
Original Source: Theory Wellness Begins Round Two of Its Social Equity Program Supporting Emerging Cannabis Entrepreneurs