After awarding $12 million to help dozens of cannabusiness owners statewide get established in the legalized marketplace, the New Jersey Economic Development Authority will soon begin accepting applications for the second phase of its Cannabis Equity Grant Program.
Under the next round, nearly $8 million will be made available to assist 48 startups with operational costs, as well as provide free technical assistance to help entrepreneurs build a successful company.
Scheduled to open for applications at 10 a.m. on Nov. 30, the $150,000 Seed Equity Grant is reserved for businesses who have met the New Jersey Cannabis Regulatory Commission’s criteria for social equity and received a conditional license but not yet secured real estate or local approval and need assistance in converting to an annual license.
As part of the program, grant awardees will receive eight weeks’ worth of no-cost training on topics such as licensure process, creating a business team, financial management, securing investors and supply chain management development. For more information about the program and eligibility requirements, click here.
The NJEDA also plans to host a webinar at 6 p.m. on Nov. 20 to assist potential applicants.