NJEDA Unveils Phase 2 of Cannabis Equity Grant Program
- The New Jersey Economic Development Authority (NJEDA) announced that the application for Phase II of its Cannabis Equity Grant Program will open on Nov. 30 at 10:00 a.m.
- The second phase of the program will provide each eligible entrepreneur with a Seed Equity Grant of $150,000 and no-cost technical assistance. The main aim of the program is to ensure that communities most impacted by the war on drugs have equitable access to the cannabis industry and the necessary resources to flourish in it. All the Phase II Seed Equity Grant funding is reserved for qualifying social equity applicants.
- Phase II also includes an 8-week technical assistance program for grant recipients, providing training on various aspects of starting and managing a cannabis business. A total of up to $8 million in funding will be allocated for 48 entrepreneurs. Applicants must meet the New Jersey Cannabis Regulatory Commission’s criteria for social equity and have obtained a conditional license.
Economic Development
Phase II of the New Jersey Economic Development Authority’s (NJEDA) Cannabis Equity Grant Program will commence Nov. 30 at 10:00 a.m., offering entrepreneurs a Seed Equity Grant of $150,000 and technical assistance at no cost. This phase is the largest grant initiative of its kind in the U.S., targeting communities most affected by drug prohibition. The entirety of the Seed Equity Grant funding is available to qualifying social equity applicants, a significant increase from Phase I’s 40% allocation.
The grant includes an 8-week technical assistance program alongside the $150,000 funding. The program will offer training on converting a conditional license to an annual one, cannabis business team formation, financial management, investor procurement, supply chain management, among others. A webinar will be hosted on Nov. 13 at 6:00 p.m. by NJEDA for possible applicants.
The Seed Equity Grant has allotted up to $8 million for 48 entrepreneurs. Applicants should meet the New Jersey Cannabis Regulatory Commission’s social equity criteria and possess a conditional license. Real estate or municipal approval, necessary for Phase I Joint Ventures Grant, is not required for this phase. An online eligibility assessment tool is available for applicants. Prospective applicants can also register for the Seed Equity Grant webinar on Nov. 13 at 6:00 p.m. to ask questions and learn more.
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