ORANGE COUNTY, Calif., July 29, 2020 /PRNewswire/ -- My Green Network ("MyGN" or the "Company"), the first cannabis incubator/shared-manufacturing spaces in the country, announced today the launch of their inaugural grant program "Green Quest." The program is designed for minority-controlled companies and offers the selected recipient a MyGN-sponsored California Type-S manufacturing license, which allows businesses to create, package and sell cannabis products. The award also includes a sponsored membership to the Company's shared-manufacturing spaces in Orange County, California.
The Company, which announced its formation in late 2018, is disrupting the traditional licensing and business model for the cannabis industry by reducing the barriers to entry for potential manufacturers of cannabis products. The Company specializes in licensing and compliance and has worked with regulators to establish a first-of-its-kind shared manufacturing licensed facility.
"As a minority-controlled business, Green Quest reflects our commitment to breaking down barriers to entry that have disproportionately and negatively affected minorities," said James Shih, CEO and Co-Founder of My Green Network. "As the minimum cost for getting a manufacturing license in California usually exceeds $1 million, many legacy members of the cannabis community get truly locked out. Our Company creates an opportunity to build brands within the industry with significantly less upfront costs and provides a diverse array of the tools necessary for success. We plan to provide the Green Quest grant annually as we continue to build our multiple incubator locations throughout California, and eventually the rest of the U.S."
"Green Quest," launched this month, will award a single candidate a working space in the Orange County facility for one year as well as cover the costs of the application for the associated license. The program will run in three rounds over the next 90 days and requires hopeful participants to create and submit a business plan, introductory statement and video. As a program requirement, the winning company or brand must be majority-controlled by a person of minority status. The deadline to apply for the program is August 25.
My Green Network is accepting additional memberships for its state-of-the-art, 7,370-square-foot facility that features Michelin-inspired commercial kitchens and hybrid stations for assembly, packaging and infusion of all types of cannabis products. Members, known as "Green Leaders," receive access to the facility as well as comprehensive business support in the areas of partnership development, wholesale marketplace access and legal assistance.
Members of My Green Network are guaranteed a Type-S manufacturing license and are invited to join the shared community space to create and process cannabis products such as edibles, topicals, pre-rolls, packaged flower and beverage products. Companies who join MyGN's limited membership can expect a reduction in start-up costs of up to 95 percent when compared to traditional licensing costs as well as receive support in compliance, distribution and sales.
About My Green Network Founded by internationally recognized attorneys Ken Hwang and James Shih, and visionary Maria Cordeiro, My Green Network (MyGN) is the nation's first membership-based incubator cannabis company that offers members guaranteed licensing and business support services. MyGN is revolutionizing the industry by breaking traditional barriers to entry through its network of licensed manufacturing facilities, allowing start-up brands to process cannabis products such as topicals, edibles and beverages for legal distribution throughout California. The platform provides members with licensing opportunities at significantly decreased costs, access to a workplace to conduct manufacturing and support in the areas of sourcing, formulation, distribution, marketing, sales, legal and more. Members experience up to a 95 percent reduction in start-up costs when compared to traditional licensing avenues.
For more information about the Company, please visit their website at: https://mygreennetwork.com/. Follow @OfficialGreenNetwork on Instagram to connect with leaders that are empowering our community.