BLOOMFIELD, NJ – The New Jersey Economic Development Authority (NJEDA) and the New Jersey Cannabis Regulatory Commission (NJCRC) disclosed an award of $12 million in grant funding to 48 cannabis businesses. This amount, double the originally planned allocation, is aimed at supporting startups, especially those from communities previously affected by the War on Drugs.
This Cannabis Equity Grant Program, with its Joint Ventures Grant phase, intends to aid recreational cannabis startups transition from conditional to annual licenses. Emphasizing on equity, 40% of the grant’s funding is reserved for qualifying social equity applicants and another 5% for businesses in Impact Zones.
Governor Phil Murphy remarked on the importance of supporting businesses entering the growing market and concentrating on communities disproportionately affected by past drug policies. NJEDA Chief Executive Officer Tim Sullivan emphasized that this expanded funding would ensure a fairer marketplace, reversing past injustices.
NJEDA Chief Community Development Officer Tai Cooper highlighted the need for continuing efforts to achieve equity and access in the cannabis industry. The upcoming Phase II’s Seed Equity Grant, solely for communities hardest hit by the War on Drugs, will provide awardees with $150,000 in grant funds and essential technical support.