Applications for Phase I of the state’s $10 million Cannabis Equity Grant Program — which will provide awards of up to $250,000 — will open April 20.
Is your business eligible?
Read more from ROI-NJ:
The New Jersey Economic Development Authority has set up a free eligibility assessment tool. It is available online for those looking to verify if their business meets the requirements. (Among other requirements, eligible applicants must have formed their business after March 9, 2020, and employ 50 or fewer full-time employees.)
Click here to take the assessment.
Two things are worth noting:
- Social equity effort: EDA officials say the program is focused on supporting businesses and startups in the recreational cannabis industry and ensuring aid to communities that were adversely impacted by the War on Drugs, saying 40% of the Phase I Joint Ventures Grant funding is reserved for qualifying social equity applicants primarily characterized as those who have previous cannabis convictions or live in economically disadvantaged areas.
- There will be a Phase II: Applicants who are not eligible for the Joint Ventures Grant may qualify for Phase II of the program, which will launch later this year. The Phase II Seed Equity Grant of $150,000 is solely for applicants who meet the New Jersey Cannabis Regulatory Commission’s criteria for social equity and have obtained a conditional license but have not secured the real estate or municipal approval and need assistance in converting their conditional license to an annual license. Additionally, all applicants who do not qualify for the Phase I grant will be connected to training and other programmatic resources.