Five minority owned cannabis and hemp companies received up to $150,000 in funding from Minority Cannabis Association (MCBA) and Merida Capital Partners through the Inclusive Industry Accelerator that was developed to advance minority owned businesses in underserved communities. The three-month accelerator program has been designed to give historically underrepresented entrepreneurs valuable mentoring opportunities and access to capital in this upwardly trending industry.
Over the course of the program, each company will have access to a network of executives, mentors, and experts in the cannabis industry, as well as high-level training and research. By creating a sustainable infrastructure, MCBA and Merida hope to fast-track growing companies in disadvantages communities and break down barriers to success.
The recipients, Vega Holdings, High Road, Higher Learning Institutions, James Henry, and Canna Bistro are based around the country and offer a unique twist to products being offered in the cannabis market. Both Merida and MCBA hope to eventually expand the program and provide more funding, enabling minority-owned businesses to enter the market stronger and encouraging more diversity in the cannabis sector.
“Our i2 Accelerator with Merida is a historic step towards creating a diverse, representative cannabis and hemp industry,” said MCBA President Jason Ortiz. “People of color have suffered from disproportionate enforcement of cannabis laws and have high barriers to entry and success in the hemp and cannabis industries. i2 provides companies with rigorous executive mentorship and critical resources to place them in the best possible position to successfully scale their enterprises and remove those barriers.”
