SAN FRANCISCO, Calif., September 24, 2019 — PRESS RELEASE — Cannabis marketplace Eaze and partners Ultranative and Bail Capital have announced the launch of Momentum, a business enterprise accelerator to cultivate the development and good results of underrepresented cannabis business enterprise founders. Access to capital is one particular of several massive barriers for new entrepreneurs in the cannabis business. The Momentum system is a little but vital step in addressing that problem.
The inaugural class will include things like 10 participants who will obtain a $50,000 grant participate in a 10-week education system led by 40 business volunteer professionals and have access to Eaze’s ecosystem of business enterprise, promoting and retailer sources. At Momentum’s conclusion, participants will pitch to business-defining investors for the chance to raise added funds to develop their companies.
“Starting a new cannabis business enterprise can be particularly difficult for entrepreneurs who have been historically marginalized or victimized by the War on Drugs,” mentioned Jen Lujan, director of social influence at Eaze. “All cannabis operators have a duty to assistance construct a diverse and equitable business, and Momentum is yet another way Eaze and our partners are supporting this vital purpose.”
Licensed founders–and these in the approach of applying for licenses–who have faced social and financial barriers to getting into the legal cannabis industry are eligible to apply at Eaze.com/momentum. Applicants will be evaluated on a mixture of prospective for good results, lived practical experience, and present barriers to entry. Applicants with THC companies should be licensed by way of state and regional jurisdictions CBD companies should be a element of the Federal hemp pilot system.
An advisory committee of investors, neighborhood advocates, and business enterprise leaders who have worked to generate a diverse and equitable business will evaluate applicants and decide on Momentum’s participants. The committee consists of:
- Cannaclusive Co-Founder Mary Pryor
- California Urban Partnership CEO Malaki Seku Amen
- CEO of Make Green Go La Wanda Knox
- Padre Mu Delivery and Distribution co-founder and SF Equity Operating Group co-founder Ramon Garcia
- Ultranative Co-Founder Ford Smith
- Bail Capital Companion Zack Carpenter
- Marijuana Policy Project Executive Director Steve Hawkins
- Leune CEO Nidhi Fortunate Handa
“We see a massive chance to companion with Momentum as element of our efforts to construct a diverse business, though giving assistance and sources that little companies in the cannabis business need to have to turn into much more lucrative and sustainable,” mentioned Smith.
“Momentum creates an fascinating chance to construct and expand relationships amongst founders and business leaders functioning collectively to type a sturdy and equitable cannabis business. We’re honored to companion with Eaze to assistance exclusive brands, boost income for impacted communities, and in the end attain higher diversity in cannabis culture,” mentioned Amen.
Momentum is element of Eaze’s all round commitment to addressing the influence of the War on Drugs on regional communities. Eaze’s social influence function consists of a partnership with Code for America to assistance clear 250,000 low level criminal offenses a permanent 25-% discount for U.S. veterans and partnerships with Good results Centers SF and the San Francisco AIDS project, amongst other individuals. Interested Momentum applicants can uncover much more info at Eaze.com/momentum. Plan sponsors include things like: Ultranative, Bail Capital and Choose.