Now, startups can procure some capital after New Jersey announced a $10 million program called the Cannabis Equity Grant.
The New Jersey Economic Development Authority says awardees can use the money for early-stage expenses and technical training.
Out of the $10 million allotted to the program, $6 million will go to social equity applicants — people with prior cannabis convictions and those who live in economically disadvantaged areas as defined by the state.
“New Jersey is committed to building a thriving and inclusive cannabis sector that maximizes opportunities for underserved communities and people impacted by the War on Drugs, and this program is a major step toward that goal,” said NJEDA CEO Tim Sullivan.
Social equity applicants can receive up to $250,000 that goes toward expenses like regulatory fees, rental expenses, utilities, and wages.