DALLAS — As the Texas hemp industry faces a dual crisis of a 3,000-percent license fee hike and new restrictions on key federally legal hemp-derived products effective March 31, MNG Brands has launched an emergency relief program. The MNG Brands Texas Hemp Retailer Relief Program includes a licensing relief grant program and a statewide “inventory buy-back” program designed to support small businesses across the state.
Supporting Texas small businesses
The Texas Hemp Retail Relief Grant initiative directly addresses the urgent challenges confronting the Texas hemp industry. It will provide $5,000 “recovery grants” to ten reputable small businesses, offering crucial financial assistance during a period of significant regulatory change. Concurrently, an immediate inventory-swap program will be implemented for retailers holding stock that is no longer eligible for sale under the new regulations, enabling them to pivot quickly and remain in compliance.
Program Highlights
The initiative includes:
- $50,000 Relief Grant: a reimbursement credit for the new $5,000 state license fee for 10 retail businesses.
- Inventory “buy-back”: A statewide program allowing retailers to swap newly non-compliant products for compliant MNG products with the objective of enabling shops to stay legal and keep shelves stocked.
Selection of grant recipients will be guided by industry leaders, according to the company.
Applications open March 27.
