Revolutionary Clinics to Distribute $ 4 Million Cannabis and Minority-Owned Business Grant under Aspire Program
Medical marijuana supplier Revolutionary Clinics has announced that it will establish a $ 4 million grant fund that will be split evenly among economic empowerment cannabis licensees and other minority-owned businesses in Cambridge, according to a press release.
This is part of Rev Clinics’ Aspire program, which was created to develop and support marijuana businesses in Massachusetts by providing subject matter expertise and financial benefits to Economic Empowerment and Social Equity licensees. So far, the Aspire program has helped Caroline’s Cannabis, Haverhill Stem LLC, and Pure Oasis open their doors.
“Aspire’s expansion follows the findings of a national study of cannabis equity programs conducted by The Initiative, which found that funding and complementary services are the most needed forms of support for open the EE cannabis trade, “the statement read. Lily. “By opening the Aspire program beyond cannabis, Rev aims to foster a more representative business community in Cambridge.”
The first pair of $ 100,000 grants will be distributed over the next 30 days to cannabis entrepreneurs Leah Samura, CEO and co-owner of Yamba Boutique, a store slated to open in Harvard Square, and Ivelise Rivera, owner and partner of Nuestra, LLC, an upcoming store in East Cambridge. The rest of the grants will be officially activated in September.
“My mission is not only to open the first 100% local black-owned marijuana retail store in Harvard Square, but also to help other women of color find their place in the industry,” Samura said in the statement. âThis grant will help me accomplish this mission. I am very grateful to the revolutionary clinics for their support.
In addition to the cannabis industry, grants will also be awarded to the following minority-owned businesses: new or existing restaurants, new or existing service providers, new or existing non-profits or incubators focused on entrepreneurship. minorities, those seeking funding to open, maintain, expand or expand a business in Cambridge and those seeking funding to remain open or reopen due to loss of business related to COVID-19, the statement said.
“Because the entry barriers faced by EE licensees are also faced by minority operators in many other industries, there is a significant overlap in the needs for financing, mentoring and business services,” indicates the press release.
Grant eligibility will be determined by financial need or demonstration of how receiving assistance would generate growth and the success of which would benefit others in the community.
âRev is proud to put together a strong Cambridge Minority-Owned Business Grants program using evidence from The Initiative’s nationwide study on What Helps Businesses Open and Prepare for a long-term success, âsaid Keith Cooper, CEO of Revolutionary Clinics. âWe’ve heard time and time again that the most difficult challenge for EE licensees is access to capital, but this challenge is not limited to cannabis. Cambridge businesses need funding and additional services, so we want to meet that need head-on with this program. “