Theory Wellness offers $250k to cannabis entrepreneur
STONEHAM, Mass. (NEWS10) — Theory Wellness 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 scholarship, 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 & Founder. Brandon Pollock, CEO
& 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.