Sira Naturals, Inc., a Massachusetts-based registered marijuana dispensary (RMD) group, in collaboration with G-Tek Labs, in May announced the launch of The Sira Accelerator, a small-business accelerator program designed to help entrepreneurs navigate and succeed within the emerging regulated cannabis industry.
The goal of the program is to provide cannabis entrepreneurs an immediate path forward, slicing through barriers to entry and accelerating them to profitability. The Sira Accelerator will provide access to world-class lab technology, workspace and executive mentorship. Additionally, each small business will receive an allotment of Sira Naturals-produced cannabinoid substrate, or cannabis oil, invaluable to product development and often the most expensive hurdle for these microbusinesses to overcome.
Sira Naturals, Inc. is the largest vertically integrated cannabis provider in Massachusetts. It operates a cultivation and product manufacturing facility as well as three retail dispensaries in the communities of Cambridge, Somerville and Needham.
The Sira Accelerator will offer four 12-week programs per year, with each cohort accepting up to five Marijuana Product Manufacturer Microbusiness applicants. To ensure diversity and equality, one space each quarter will be reserved for Economic Empowerment applicants. At the end of each program, participants will walk away with the tools, knowledge and connections needed to succeed.
“Speed to market is imperative for the success of small businesses looking to get into the cannabis industry,” Michael Dundas, president and CEO of Sira Naturals, said in a press release. “This accelerator not only represents our organization’s commitment to getting these cannabis businesses to take shape, but also provides an opportunity for our leadership and production teams to share their vast experience building and operating a successful cannabis business with the next generation of entrepreneurs in our growing industry.”
According to Dundas, in exchange for offering the accelerator, Sira would receive a 9% equity share in the company.
To provide world-class education and acceleration in the development of marijuana-infused products, testing, manufacturing and packaging, Sira Naturals has partnered with G-Tek Labs, an innovative South Boston company that provides co-working space and resources necessary for the development and scaling of physical products.
“As an organization, G-Tek labs is excited at the prospect of participating in the cannabis industry which will bring jobs, revenue and economic development to Massachusetts,” said Jeff Chang, CEO of G-Tek Labs. “With the FDA advisory panel’s recent approval of an epilepsy medication derived from cannabis, we now have real world proof that exciting new technology can be developed in this emerging sector. Leveraging tried-and-true manufacturing tools and techniques to new product development is our core competency and we believe the opportunity to work with a best-in-class cannabis partner like Sira Naturals will be a winning combination.”
The program began accepting applications July 1 at www.siraaccelerator.com.