Green Quest 2020 provides minorities with a chance to make it big

Published Oct 7, 2020 09:00 a.m. ET
iStock / designer491

The legalization of recreational cannabis has spread throughout the United States, but now the impassable gatekeepers have made it more impossible for many small cannabis businesses to break into the cannabis industry. This has caused the consolidation of larger companies, which can minimize choice as well as stifle innovation.

Those with incredible business ideas that lack access to a resource pool can now look towards MyGN (My Green Network) to help launch their business in the cannabis industry workspace. The introduction of Green Quest 2020 has helped by cutting a green path for cannabis entrepreneurs in this precarious position. The CEO of MyGN, James Shih, says that his company can help these new cannabis ventures with his extensive system support.

Business owners who cannot secure more than a million dollars in funding for start-up costs, including licensing fees, can turn to MyGN to help to complete their dreams of entering the cannabis market. Often without this support, the individual is stopped before they can even put a foot into the market. The lack of a reliable network of suppliers for hardware and banking services can also prevent the cannabis entrepreneur's dreams before they can be actualized.

MyGN helps remove the roadblocks presented before success can be achieved and improve equity within the cannabis industry.

A business sponsored by MyGN spends less than 50,000 for licensing while paying the rent as they scale and produce what’s needed by sharing the costs among everyone in the facility. This enables the cannabis entrepreneur to be innovative so that they can help to collaborate and focus on making a top cannabis brand and product.

CEO Shih feels that as a minority-controlled business, they want to build a wider minority cannabis company that stretches worldwide. Green Quest, an annual program run by the company, can ensure through its facility that at least one minority-controlled cannabis business gets a chance to enter the industry each year.

Winner rewards

A paid-for type S cannabis license for shared manufacturing at the MyGN Orange County facility is awarded to the winner of the My Green Network.

The winnings include subsidized:

  • Monthly rental for shared space within the facility
  • Packaging design
  • In-house branding
  • Business formation and legal assistance for trademarks

Shih believes that Green Quest 2020 is his companies’ way of making the often-inaccessible cannabis market for minorities more easily accessible.

Accepting applications

Applicants for Green Quest 2020 will be required to participate in a three-round process where they will need to demonstrate what potential their business possesses before a winner is chosen.

First round – Passionate minority-controlled businesses can submit a video statement which will outline their unique cannabis business ideas and how they will contribute to the cannabis community if they are selected.

Second round – A business plan must be submitted, and the applicant must participate in interviews with MyGN executives. The judges in this round are looking for inspiring leaders capable of making a powerful impact on society.

Final round – The participants that have moved onto this last round meet the public for the final vote. The final round intends to have the cannabis community choose the winner rather than the focusing on the judge's favourites.

My Green Network hopes to be through Green Quest 2020's involvement, a trustworthy entity to the cannabis industry.

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