The N.J. Economic Development Authority will open applications for its $5 million
Cannabis Business Development Grant Program on Nov. 13 at 10 a.m., it announced.
The pilot grant program, designed to provide targeted financial support to eligible
recreational cannabis entrepreneurs in New Jersey, will offer $75,000 reimbursements
to eligible cannabis manufacturers, cultivators, retailers, and testing laboratories in New
Jersey.
The goal is to help alleviate and manage the cost of ongoing state and local
compliance, as well as operating expenses, for early-stage companies.
To be eligible for the CBD Grant Program, a business must possess a valid and current
NJ Cannabis Regulatory Commission annual license and digital card in one of the
following categories: Class 1 (Cultivator), Class 2 (Manufacturer), Class 5 (Retailer), or
Testing Laboratory at the time of application. To qualify for the CBD Grant Program,
applicants must also submit at least $75,000 in eligible expenses with supporting
documentation and proof of payment.
Five percent of funding will be made available for businesses operating in New Jersey
Cannabis Regulatory Commission designated Impact Zones, which stimulate economic
development in historically underserved areas. These zones are designated by the
NJCRC on factors such as past cannabis arrests, law enforcement activity,
unemployment, and population.
Click here for full eligibility requirements and to apply.
A webinar to learn more about the grant program will be held on Thursday at 2:30 p.m.
To register for the webinar, please click here.
