Grant Program Offers Manufacturing License To Minority-Controlled Business
My Green Network, a cannabis incubator/shared-manufacturing space, is launching its inaugural grant program “Green Quest.” The program is designed for minority-controlled companies and offers the selected recipient a MyGN-sponsored California Type-S manufacturing license, which allows businesses to create, package and sell cannabis products. The award also includes a sponsored membership to the company’s shared-manufacturing spaces in Orange County, California.
The company, which announced its formation in late 2018, is disrupting the traditional licensing and business model for the cannabis industry by reducing the barriers to entry for potential manufacturers of cannabis products. My Green Network specializes in licensing and compliance and has worked with regulators to establish a first-of-its-kind shared manufacturing licensed facility.
“As a minority-controlled business, Green Quest reflects our commitment to breaking down barriers to entry that have disproportionately and negatively affected minorities,” said James Shih, CEO and co-founder of My Green Network. “As the minimum cost for getting a manufacturing license in California usually exceeds $1 million, many legacy members of the cannabis community get truly locked out. Our company creates an opportunity to build brands within the industry with significantly less upfront costs and provides a diverse array of the tools necessary for success. We plan to provide the Green Quest grant annually as we continue to build our multiple incubator locations throughout California, and eventually the rest of the U.S.”
“Green Quest,” launched this month, will award a single candidate a working space in the Orange County facility for one year, as well as cover the costs of the application for the associated license. The program will run in three rounds over the next 90 days and requires hopeful participants to create and submit a business plan, introductory statement and video. As a program requirement, the winning company or brand must be majority-controlled by a person of minority status. The deadline to apply for the program is Aug. 25.
My Green Network is accepting additional memberships for its state-of-the-art, 7,370-square-foot facility that features Michelin-inspired commercial kitchens and hybrid stations for assembly, packaging and infusion of all types of cannabis products. Members, known as “Green Leaders,” receive access to the facility as well as comprehensive business support in the areas of partnership development, wholesale marketplace access and legal assistance.
Members of My Green Network are guaranteed a Type-S manufacturing license and are invited to join the shared community space to create and process cannabis products such as edibles, topicals, pre-rolls, packaged flower and beverage products. Companies who join MyGN’s limited membership can expect a reduction in start-up costs of up to 95% when compared to traditional licensing costs as well as receive support in compliance, distribution and sales.
For more information on My Green Network, visit: https://mygreennetwork.com/.