NJEDA LAUNCHES SECOND PHASE OF CANNABIS EQUITY GRANT PROGRAM

The New Jersey Economic Development Authority (NJEDA) announced today that the application for Phase II of its Cannabis Equity Grant Program will open on November 30, 2023, at 10:00 a.m. The second phase of the trailblazing program, offering the largest grant of its kind in the nation, will provide each eligible entrepreneur with a SeedEquity Grant of $150,000 and no-cost technical assistance.The primary focus for Phase II of the Cannabis Equity Grant Program is to ensure the communities most adversely impacted by the War on Drugs have both equitable access to the lucrative cannabis industry and the resources needed to flourish. To this end, 100% of the Phase II SeedEquity Grant funding is reserved for qualifying social equity applicants, an increase from the 40% allocation in Phase I. In addition to the $150,000 in funding, Phase II includes an 8-week technical assistance program for grant recipients. The technical assistance program will provide training on converting a conditional license to an annual license, building a cannabis business team, financial management, securing investors, supply chain management, and more. To assist potential applicants, NJEDA will host a webinar on November 13, 2023, at 6:00 p.m.“Under Governor Murphy’s leadership, New Jersey is on the forefront of creating a stronger and fairer cannabis market, especially for communities historically harmed by the unjust War on Drugs,” said NJEDA Chief Executive Officer Tim Sullivan. “The Seed Equity Grant, which is specifically designed for social equity applicants, will help create an equitable, inclusive marketplace that will create jobs and strengthen communities, all while ensuring our entrepreneurs are able to reap the industry’s economic benefits and have access to the resources needed to succeed.”“We are excited to see grant funding being used to help social equity applicants realize their entrepreneurship dreams. Beyond the skills and business acumen it takes to be an entrepreneur in any industry, starting a cannabis business faces additional challenges – including limited access to traditional means of business funding,” said Cannabis Regulatory Commission (CRC) Chair Dianna Houenou. “By making these grants exclusively available to social equity businesses – that is, companies with majority owners who have prior marijuana convictions or live in an economically disadvantaged area – NJEDA is setting the example for establishing equitable funding initiatives. NJ-CRC Commissioners and staff see the hopes and dreams of those cannabis entrepreneurs every day, and we applaud every step that brings us towards making some of those dreams come true.”CONTINUE READING THE PRESS RELEASE HERE