Governor Murphy signed bill S2945 on June 30, 2022, enacted as P.L.2022, c.48., which permits the New Jersey Economic Development Authority (NJEDA) to extend financial incentives to certain cannabis businesses as detailed below.
Under the law prior to the bill, cannabis license holders and property owners, developers, and operators of projects that are to be used to benefit these licensees were prohibited from receiving certain State or local economic incentives. The new law provides that these exclusions do not apply to small cannabis businesses located in “Impact Zones,” as established by the New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act, enabling them to receive the economic incentives that otherwise would have been unavailable.