WESTBOROUGH, Mass.--(BUSINESS WIRE)--Cannapreneur Partners (Cannapreneur), a leading cannabis investment firm specializing in early-stage startups, announced it has formed a joint venture (JV) with two veteran-owned and operated cannabis dispensaries in Massachusetts: JWTC Wick and Noble Manna LLC.
In addition, Cannapreneur announced it made investments in JWTC Wick and Noble Manna LLC, which both recently signed Host Community Agreements (HCA) in Rowley and Mendon, respectively. The HCAs would enable the entities to open up adult-use dispensaries, pending regulatory approvals from the Commonwealth of Massachusetts.
The newly formed JV also announced plans to support the veterans’ community by:
- Supplementing the costs of cannabis products at JWTC Wick’s dispensary and Noble Manna LLC’s dispensary upon opening;
- Giving back up to 10% of net dispensary profits in an effort to help broaden access to cannabis for veterans; and
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Launching a veterans-focused mentorship program designed to:
- broaden veterans’ professional skill sets in the cannabis industry;
- drive retention in the workplace;
- open up access to key networks within the cannabis ecosystem; and
- provide veterans with more opportunities to be a part of the fastest-growing U.S. job sector.
“We believe cannabis can have a positive impact on society and that it saves lives, particularly within the veteran’s community,” said Army Sgt. and co-founder of JWTC Wick Bill Duggan. “Having served on the frontlines in Afghanistan, I have not only seen my fellow veterans commit suicide and suffer from PTSD and other mental and physical wounds, but also both my mother with Multiple Sclerosis and father with cancer benefit greatly from cannabis. Through our JV with Cannapreneur Partners, we are committed to giving back to the veterans’ community, who have given me so much over the years. We look forward to being an integral part of the vibrant business community in Rowley.”
“Our goal is to bring more residents of Massachusetts convenient access to cannabis while creating beneficial programs and policies that empower veterans and their families,” said Bruce Spinney, Marine Sgt. and Noble Manna LLC founder. “Veterans not only have an impeccable work ethic, they are also exceptional at executing standard operating procedures -- something that is critical in the cannabis sector. By broadening veterans’ skills in the cannabis space and giving back to the veterans’ community, we’re confident we will bring a best-in-class retail experience that makes a meaningful difference in the communities we look forward to serving.”
“Our investment in both JWTC Wick and Noble Manna LLC is a critical step towards creating a more representative cannabis industry,” said Michael Scott, co-CEO of Cannapreneur Partners. “By hiring more veterans, providing them with executive mentorship and giving back a portion of dispensary profits, we want to demonstrate our commitment to ensuring more veterans can play a vital part in the cannabis ecosystem. We look forward to driving value for our portfolio companies and our investors while broadening access to consumers and patients by creating a more representative cannabis industry and investing in more veteran-owned businesses like JWTC Wick, Noble Manna LLC.”
Currently, there are about 2.7 million American veterans of the Iraq and Afghanistan wars, and at least 20 percent of Iraq and Afghanistan veterans suffer from PTSD and/or issues with depression. However, the U.S Department of Veterans Affairs (VA) and Congress continues to deny veterans access to medical cannabis despite the plant being known to help battle depression, anxiety, post-traumatic stress disorders as well as addictions to alcohol and powerful painkillers.
For more information, visit https://cannapreneurpartners.com/.
About Cannapreneur Partners
Headquartered in Westborough, Mass., Cannapreneur Partners (Cannapreneur) is a cannabis holding company with stakes in a wide range of cannabis consumer and technology companies including: Nature’s Remedy, a retail storefront in Massachusetts; GroIQ, a robust seed-to-sale software company aimed at driving operational efficiencies; anna, the first AI-powered self-checkout solution, along with others. The executive team, who makes up Cannapreneur Partners, has already raised and deployed more than $80M in the cannabis space through various ventures. The firm helps entrepreneurs attain success and guides investors on making more educated decisions and thoughtfully place capital in the cannabis space. A core investment thesis of Cannapreneur focuses on retail dispensaries and enhancing the consumer buying experience.
For more information, visit https://cannapreneurpartners.com/.
