Apr 19 NJEDA Cannabis Program To Begin
The New Jersey Economic Development Authority (“NJEDA”) will begin accepting applications for the Cannabis Equity Grant Program beginning at 9 AM on April 20, 2023. The launch will be Phase I of the program, with only the Joint Ventures grant being awarded. These grants will award applicants up to $250,000 for start-up costs. The program will be awarded to 24 applicants, with 40% of the awards going to social equity applicants and 5% reserved for businesses located in impact zones. To be eligible for the grant, applicants need to have site control and municipal approval.
Grant awardees can use the funds for various start-up costs such as rent and mortgage payments, payroll, legal and other professional fees, employee training, and utilities. The funds cannot be used for items such as inventory purchases, construction, equipment, and installation costs greater than $2,000 or the purchase of land.
To apply for the program, please go to the NJEDA website at the designated time: https://www.njeda.com/cannabis-equity-grant-program/
For any questions, feel free to contact a member of our Cannabis Team here.