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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.
The first phase in the New Jersey Economic Development Authority’s grant program focusing on equity was announced Tuesday. “We are a family minority and women-owned business, said grant recipient Francesca DeRogatis, of Nightjar Holdings. The cannabis dispensary in Bloomfield is one of 48 businesses awarded a cannabis equity grants totaling $250,000.
A year ago, ZenLeaf in Elizabeth was one of 13 dispensaries that officially opened for recreational marijuana sales in New Jersey. Since then, sales have been nonstop, according to general manager Sonny Achrekar. “We’re always get new people in and now that the weather is getting better, we’re going to get all the people flying in because we get all the airport traffic. So it’s just consistent,” he said.
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.
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.
Sullivan noted the momentum New Jersey has coming into 2023 – including the fastest private sector job creation in the region over the last 12 months – but acknowledged the potential economic turmoil ahead. He said it is important to continue making investments in sectors, such as manufacturing, cannabis, film and television, and offshore wind.
The New Jersey Economic Development Authority (NJEDA) is engaging in a series of listening sessions with cannabis-industry stakeholders. The goal of these sessions is to focus on gaining a better understanding of the opportunities and obstacles new cannabis businesses may face. These challenges include access to capital and the high start-up costs associated with this new and emerging sector. NJEDA is interested in hearing comments, questions, and other key information to better understand the scope of the costs associated with starting a new cannabis business.
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.
