In a significant move to bolster the state’s burgeoning cannabis industry, the New Jersey Economic Development Authority (NJEDA) announced it will begin accepting applications for the New Jersey Lending for Equity, Access, and Financing (NJ LEAF) Program starting Monday, April 20.
The $15 million initiative is designed to provide low-cost financing to recreational cannabis manufacturers, cultivators, and testing laboratories. By offering loans of up to $1.5 million, the state aims to lower the barrier to entry for small businesses and fulfill its mandate for equitable economic growth within the sector.
The NJ LEAF Program addresses two critical needs for emerging cannabis enterprises: fixed assets and working capital.
- Fixed Asset Loans: Ranging from $100,000 to $1.5 million, these funds are intended for property investment and equipment upgrades.
- Working Capital Loans: Ranging from $100,000 to $500,000, these loans provide the liquidity necessary to cover day-to-day operational expenses.
To qualify, businesses must hold a valid annual license for cultivation (Class 1), manufacturing (Class 2), or testing, as recommended by the New Jersey Cannabis Regulatory Commission (NJCRC). Applicants must also:
- Be based in New Jersey.
- Employ fewer than 250 full-time employees.
- Have been operational for at least one year.
- Report annual gross revenues of $5 million or less.
- In a push for social justice, five percent of the total funding has been carved out specifically for businesses located in Impact Zones—areas historically and disproportionately affected by the prohibition of cannabis.
How to apply
Applications will officially open at 10:00 a.m. on April 20, 2026.
For entrepreneurs looking to learn more before the launch, the NJEDA will host an informational webinar on Thursday, April 16, 2026, at 10:00 a.m. Prospective applicants can find registration details and further eligibility information at www.njeda.gov/nj-leaf or by contacting [email protected].
