MJBizMag March 2021 - 55

Companies with active
social equity initiatives
share how they
coordinated efforts
and launched programs
Good
By Adrian D. Garcia
M
arijuana companies face
mounting pressure from
advocates, consumers and
regulators to address the lack of diversity
within the cannabis industry.
In response, some companies have
launched their own programs aimed at
providing women and people of color
with more opportunities to succeed
in the space. These efforts range from
mentorship programs spanning many
months to multimillion-dollar funds
that support nonprofits and community
organizations.
The team at Curio Wellness, for
instance, established a $30 million
fund in December to provide startup
capital for minority business owners.
The Timonium, Maryland-based
medical marijuana company intends to
assist women, minorities and disabled
veterans in opening franchises linked to
Curio Wellness.
" Diversity is a
challenge, " said
Jerel Registre,
managing
director of the
Curio WMBE
Fund, adding that
a lack of diversity
prevents cannabis supporters " from
coming together under one banner. "
In recent years, social equity measures
Jerel Registre
have become a prerequisite in many
states writing cannabis legislation for
new markets. New York Gov. Andrew
Cuomo and state legislators, for example,
have failed to launch a recreational market
partly because of a lack of agreement
on such factors.
In Washington DC, members of the
Congressional Black Caucus tacked
on social equity measures to the
Marijuana Opportunity, Reinvestment
and Expungement (MORE) Act, which
passed the U.S. House of Representatives
in December.
" Coming up with a solution that
either serves as a blueprint or as one
of many solutions to the diversity
challenges in the industry enables (it) to
move forward, " Registre said.
SOCIAL EQUITY FUNDS
Curio's part of the solution is to invest
in diverse entrepreneurs who would
March 2021 | mjbizdaily.com 55
Doing

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MJBizMag March 2021

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