The New Jersey Economic Development Authority will announce Wednesday morning that applications for Phase 1 of the $10 million Cannabis Equity Grant Program — which can provide startups with grants of as much as $250,000 — will open at 10 a.m. April 20.
That’s 4-20, for those who get the reference.
EDA officials said the Cannabis Equity Grant Program is focused on supporting businesses and startups in the recreational cannabis industry and ensuring communities that were adversely impacted by the War on Drugs have equitable access to the industry.
In an effort to ensure these grants reach those communities, 40% of the Phase 1 Joint Ventures Grant funding is reserved for qualifying social equity applicants primarily characterized as those who have previous cannabis convictions or live in economically disadvantaged areas.