MJBizMag March 2021 - 56

Doing Good
Green Thumb Industries in
Chicago drew more participants
than expected when the
company launched its License
Education Assistance Program.
Courtesy Photo
Several cannabis companies have
developed initiatives to address the
lack of gender and racial diversity
within the industry as well as the
impacts of marijuana prohibition on
people of color. Corporate social
equity programs can range from
setting aside funds to support
nonprofit organizations to organizing
mentorship programs that benefit
community members. Here are some
considerations for firms that want
to add a social equity focus to their
corporate social responsibility plans:
* Engage with social equity advocates
to learn how you can best
help your community. Ask your
network what organizations are on
their radar.
like to open their own dispensaries. The
team looks to sponsor entrepreneurs
in states with medical cannabis frameworks
that include a limited number of
available licenses.
" We would provide financing toward
the initial capitalization, so that would
include the store build-out, the licensing,
the initial inventory and the working
capital they need as they ramp the store
up over the first few months to get
revenue flowing, " Registre told Marijuana
Business Magazine in December.
In exchange for the upfront capital, the
fund initially takes a 40% equity stake
in the new dispensary. As the business
matures, the entrepreneur buys back that
stake, Registre said. The entrepreneurs
could become full owners of their
franchises in as little as three years.
Hawthorne Gardening Co., a division
of Scotts Miracle-Gro,
disclosed in late 2020 that
the company started a
$2.5 million fund to benefit
nonprofits with cannabis
social justice missions.
The Hawthorne Social
Justice Fund will focus on
organizations with probono
programs that help
individuals impacted by cannabis
prohibition receive clemency or reentry
assistance. The fund also will be used
to help groups focused on economic
inclusion in the cannabis industry,
said Brian Herrington, director of
government affairs at Hawthorne.
MENTORSHIP PROGRAMS
Chicago-based Green Thumb Industries
has taken a different approach, launching
its License Education Assistance Program
(LEAP) in 2019. The multistate operator
last year held private consultations, shared
educational presentations and provided
other resources to help women and people
of color apply for licenses to operate
in Illinois' highly regulated cannabis
industry.
This year, Green Thumb transitioned
LEAP into an incubator program to
further mentor entrepreneurs
as they prepare to enter the
market.
" We want to reach out and
Michael Fields
pull people up, and that's
what the LEAP program and
the incubator program does, "
said Michael Fields, director
of corporate social responsibility
at Green Thumb.
56 Marijuana Business Magazine | March 2021
* Funds can be established to support
nonprofits with social equity
focuses or to give capital directly
to entrepreneurs with diverse
backgrounds.
* Strategize about ways to give
beyond financial contributions.
Consider tapping internal resources
for mentorship programs that could
benefit a few individuals or help a
larger group.
* Work with accountants and lawyers
to determine the best structure for
diversity investments and programs.
Consider hiring people with related
expertise to launch the initiatives.
" Whatever expertise they need from
within the walls of Green Thumb, they
would have access to, which is invaluable. "
Fluresh,
a vertically integrated
cannabis company, also has launched a
mentorship program to further its goal
of making the industry more diverse
and equitable for victims of the war on
drugs. The Grand Rapids, Michiganbased
business plans to work closely with
about five community members this
year through its Fluresh Five Accelerator
Mentorship Program.
" We may not do this perfectly, because
we don't necessarily know how to run
internships and programs like that, " said

MJBizMag March 2021

Table of Contents for the Digital Edition of MJBizMag March 2021

MJBizMag March 2021 - 1
MJBizMag March 2021 - 2
MJBizMag March 2021 - 3
MJBizMag March 2021 - 4
MJBizMag March 2021 - 5
MJBizMag March 2021 - 6
MJBizMag March 2021 - 7
MJBizMag March 2021 - 8
MJBizMag March 2021 - 9
MJBizMag March 2021 - 10
MJBizMag March 2021 - 11
MJBizMag March 2021 - 12
MJBizMag March 2021 - 13
MJBizMag March 2021 - 14
MJBizMag March 2021 - 15
MJBizMag March 2021 - 16
MJBizMag March 2021 - 17
MJBizMag March 2021 - 18
MJBizMag March 2021 - 19
MJBizMag March 2021 - 20
MJBizMag March 2021 - 21
MJBizMag March 2021 - 22
MJBizMag March 2021 - 23
MJBizMag March 2021 - 24
MJBizMag March 2021 - 25
MJBizMag March 2021 - 26
MJBizMag March 2021 - 27
MJBizMag March 2021 - 28
MJBizMag March 2021 - 29
MJBizMag March 2021 - 30
MJBizMag March 2021 - 31
MJBizMag March 2021 - 32
MJBizMag March 2021 - 33
MJBizMag March 2021 - 34
MJBizMag March 2021 - 35
MJBizMag March 2021 - 36
MJBizMag March 2021 - 37
MJBizMag March 2021 - 38
MJBizMag March 2021 - 39
MJBizMag March 2021 - 40
MJBizMag March 2021 - 41
MJBizMag March 2021 - 42
MJBizMag March 2021 - 43
MJBizMag March 2021 - 44
MJBizMag March 2021 - 45
MJBizMag March 2021 - 46
MJBizMag March 2021 - 47
MJBizMag March 2021 - 48
MJBizMag March 2021 - 49
MJBizMag March 2021 - 50
MJBizMag March 2021 - 51
MJBizMag March 2021 - 52
MJBizMag March 2021 - 53
MJBizMag March 2021 - 54
MJBizMag March 2021 - 55
MJBizMag March 2021 - 56
MJBizMag March 2021 - 57
MJBizMag March 2021 - 58
MJBizMag March 2021 - 59
MJBizMag March 2021 - 60
MJBizMag March 2021 - 61
MJBizMag March 2021 - 62
MJBizMag March 2021 - 63
MJBizMag March 2021 - 64
MJBizMag March 2021 - 65
MJBizMag March 2021 - 66
MJBizMag March 2021 - 67
MJBizMag March 2021 - 68
MJBizMag March 2021 - 69
MJBizMag March 2021 - 70
MJBizMag March 2021 - 71
MJBizMag March 2021 - 72
MJBizMag March 2021 - 73
MJBizMag March 2021 - 74
MJBizMag March 2021 - 75
MJBizMag March 2021 - 76
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-lighting-23
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2022
https://www.nxtbook.com/emerald/MJBizMag/202210
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-sustainability
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-retail
https://www.nxtbook.com/emerald/MJBizMag/202204
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-security
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag
https://www.nxtbook.com/emerald/MJBizMag/202208
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2022
https://www.nxtbook.com/emerald/MJBizMag/2022-buyers-guide-indoor-grow
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-packaging-automation-buyers-guide-january-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-october-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmagazine-september-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmagazine-september-2021-lighting-buyers-guide
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-august-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-april-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-october-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-september-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-august-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2020
https://www.nxtbookmedia.com