“The passing of this bill directly addresses the lack of access to startup capital and operational resources that has resulted in insufficient diversity in ownership throughout the cannabis industry here in New Jersey,” said State Senator Troy Singleton.
TIMONIUM, Md. (PRWEB) November 03, 2021
Curio Wellness, a cGMP-certified, vertically integrated medical cannabis company, announced the passage of New Jersey Senate Bill 2875 as signed by Governor Phil Murphy. The bill, which was passed on October 18, 2021, revises restrictions on ownership of medical cannabis alternative treatment centers and expands the scope of review of alternative treatment center permit applications and related materials.
Curio Wellness initiated the drafting and passage of the legislation, allowing the company to bring its Curio Wellness Investment Fund (the Fund) to the Garden State, which will expand medical cannabis dispensary licensees to diverse entrepreneurs entering the market.
The legislation was sponsored and championed by Senator Troy Singleton in collaboration with Curio Wellness.
“The passing of this bill directly addresses the lack of access to startup capital and operational resources that has resulted in insufficient diversity in ownership throughout the cannabis industry here in New Jersey,” said State Senator Troy Singleton. “We’re excited about the significant impact of this social equity program model and its ability to bring real economic empowerment among groups that are typically overlooked by investors.”
As stated in Governor Phil Murphy’s signing statement accompanying the legislation, "I applaud the bill’s sponsors for seeking to address what can be a major impediment to some prospective cannabis business owners: accessing the capital necessary to start and sustain their businesses. This bill will not only enable investors to support multiple businesses, but will also allow new entrepreneurs who have been historically underrepresented as business owners in the nation’s regulated cannabis industries to receive capital, training, and assistance in running a successful business."
Announced in December 2020, the Curio Wellness Investment Fund aims to strengthen diversity and inclusion across the cannabis industry. In addition to anyone from a qualified state being able to apply to become a franchisee, the Fund also provides women, minorities and disabled veterans the opportunity to apply for startup capital and operational infrastructure, which sets these entrepreneurs on a three-year path to 100% ownership. The Fund’s goal is to provide up to 50 eligible applicants with the capital needed to open and operate a Curio Wellness franchise.
“The passage of Senate Bill 2875 is a real game changer for Black and other businesses seeking to participate equitably in the multi-billion-dollar medical cannabis industry,” said John E. Harmon, Sr., President and CEO of the African American Chamber of Commerce of New Jersey and former chairman of the National Black Chamber of Commerce. “Raising the requisite amount of capital to participate in this growth industry has been a barrier for many whom desired to take part. Thanks to the leadership of New Jersey legislature and Governor Murphy, more New Jersey businesses will have access to the many opportunities available in the medical cannabis industry.”
Under the new legislation, the Fund can provide up to 92% of the required capital to open and operate a Far & Dotter franchised dispensary to 7 licensees who qualify in New Jersey.
“This has been a long but important effort to bring our fund opportunity to the state of New Jersey through the passing of this bill,” said Jerel Registre, managing director of the Fund. “With a new round of cannabis dispensary licensees soon to be awarded, we hope to showcase the significance of the franchising opportunity and economic resources as a true testament to Curio’s dedication to support aspiring and diverse entrepreneurs in the industry. Our hope is that other states feel inspired to move forward on similar social equity provisions that create an equitable cannabis licensing program.”
Entrepreneurs interested in becoming a franchisee or applying for capital through the Curio Wellness Investment Fund can apply at: http://www.faranddotter.com.
About Curio Wellness
Founded in 2014 in Baltimore, Maryland, Curio Wellness is a cGMP certified, vertically integrated medical cannabis company and trusted healthcare partner. Recognized as the leading wellness brand in cannabis in Maryland by BDS Analytics, Curio is committed to serving patients with targeted, effective, and reliable cannabis-based medicine. For more information visit https://curiowellness.com.
About Far & Dotter
Far & Dotter is a trusted expert and ally in the quest for innovative holistic healthcare and a personalized, unintimidating approach to cannabis education. We support consumers and franchisees through a contemporary, curated dispensary experience that emphasizes cannabis quality and pharmacist-led guidance. Our stores are holistic pharmacies and wellness hubs devoted to empowering local entrepreneurs and providing safe, effective, reliable products and services that enhance quality of life. Far & Dotter was founded by the team at Curio Wellness, a leading cannabis brand based in Maryland that established our proven, patient-first clinical approach and our inclusive franchise model. For more information visit fardotter.com.