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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.
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.
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.
