Maryland-based medical marijuana company Curio Wellness is thinking about women and minorities this holiday season, who may struggle to get a footing into the lucrative cannabis empire.
The company has started a new fund that aims to help underserved entrepreneurs entering the cannabis market. The Curio WMBE Fund has $30 million to invest and is looking to invest in up to 50 women, minority and disabled veterans seeking to open and operate a Curio Wellness franchise with a path to 100% ownership in three years.
“We think of diversity as a keystone issue for the cannabis industry,” said Curio WMBE Fund managing director Jerel Registre to TechCrunch. Registre’s conviction around this program is obvious as he explains the problem the fund is addressing.
Registre told TechCrunch that the company’s goal is to create more diverse ownership through a proven business model. Those who become a part of the program will have access to not only capital but operational resources.
“In looking at the systemic barriers that women, minorities and disabled veterans face in accessing capital, we decided to develop a solution that directly addresses this massive economic disparity,” said CEO Michael Bronfein. “The Fund provides qualifying entrepreneurs with the investment capital they need to become a Curio Wellness Center franchisee while ensuring their success through our best in class business operations.”
“Let’s bottle the success we have,” Registre added.
“Our fund is unlike any other in the industry,” Registre also said, “as eligible entrepreneurs will have a clear path to 100% ownership in as little as three years. Many other funds rely on a model that utilizes minority entrepreneurs as a vehicle to achieve licenses: The Curio approach flips this model by empowering diverse entrepreneurs and supporting them along the way. If something happens and an investment-funded franchisee defaults, they must be replaced by another minority or woman owner. This ensures these licensees can get the financial support they need to launch while ensuring that the fund’s ultimate mission of supporting diverse entrepreneurs is achieved.”
“Diversity is a core asset that we recognize as integral to our success and our future, and that is why we decided to create this investment fund,” Registre said.
“Curio locations go beyond the traditional experience people have at a medical cannabis dispensary — they are total wellness destinations, under the leadership of a licensed pharmacist,” Registre adds. “Patient wellness is at the center of everything we do and is exemplified by a diverse array of holistic health products, services and educational programming we offer. While additive to the medical cannabis patient experience, these features open the store up to the entire community, not limiting the healthcare experience to only those with a medical cannabis card. This practice, of a patient-first mindset through a pharmacist-led model, allows us to truly lead the pursuit of wellness for everyone who walks in the front door.”
