The New Jersey Economic Development Authority (NJEDA) Board announced today the creation of the Cannabis Equity Grant Program, aimed at helping start-ups in the state develop with assistance for early-stage expenses and technical training. Up to $10 million in state funding will be made available for applicants.
“My Administration is doubling its efforts to cultivate small businesses in burgeoning industries with massive untapped potential,” said Governor Phil Murphy. “The establishment of the Cannabis Equity Grant Program will help aspiring small business owners meet start-up expenses in a pivotal sector within our state’s ever-growing economy. Most importantly, the program will erode considerable barriers to access for communities of color, which this program will help to equip with the resources they need to not just enter, but thrive, in this exciting new industry.”
Following the 2020 referendum legalizing adult-use recreational marijuana in New Jersey and the 2021 legislation establishing the framework for regulated growth and sales, Governor Phil Murphy signed legislation in June 2022 allowing the Authority to offer qualifying small businesses licensed in the cannabis industry to pursue assistance. Read more from New Jersey Economic Development Authority.