Need a little help? Massachusetts’ Theory Wellness is looking to support the next generation of social equity entrepreneurs with their latest scholarship opportunity. The company has begun to collect submissions from aspiring social equity or economic empowerment candidates to receive their sponsorship, which includes up to $250,000 with no equity and zero percent debt, alongside regulatory consulting and introductions to professional service firms.
The company’s first scholarship went to Vanessa Jean-Baptiste, founder and president of Massachusetts’ first Black-woman-owned dispensary, Legal Greens. The retail store opened in March of 2021, with support from Theory Wellness in financing, banking, insurance, licensing, and marketing.
“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,” says Brandon Pollock, CEO and co-founder of Theory Wellness.
Interested entrepreneurs can submit applications on the company’s website, and a formal application will be available in early 2023. All licenses, including consumption lounge and delivery license types, can apply for the scholarship. Theory Wellness employees ranging from retail to production will review the first round of applications. Applicants are not required to sign any management or inventory purchasing contracts, and the company does not take any equity stake in its applicants.