Funded by the state, the $10 million pilot program consists of 2 phases with the first phase being for the $250,000 Joint Venture Grant, the largest of its kind in the nation.
About The Program
Focused on supporting marijuana businesses and startups by ensuring that communities adversely impacted by the war on drugs have equitable access to the state’s legal cannabis industry, the program reserves 40% of Phase I funds for qualified social equity applicants characterized primarily as those with prior cannabis convictions or live in economically disadvantaged areas.
Additionally, "5% of total program funding is reserved for businesses located in impact zones, which are areas targeted based on previous levels of marijuana arrests, population, unemployment rates, and additional socioeconomic factors."
"By 2025, the cannabis industry is expected to contribute approximately $2.4 billion to New Jersey's economy. However, access to capital remains a significant barrier to entry, particularly for people of color," said Tim Sullivan, CEO of NJEDA. Moreover, Tai Cooper, Chief Community Development Officer of NJEDA, stated: "Cannabis entrepreneurship opportunities can play an integral role in building and returning wealth to individuals and communities that have been significantly harmed by the criminalization of cannabis."