TRENTON, N.J. — Applications are now open for a $15 million state loan program aimed at supporting cannabis businesses across New Jersey, officials said.
The New Jersey Economic Development Authority began accepting applications Monday, April 20, for the New Jersey Lending for Equity, Access, and Financing (NJ LEAF) Program, which offers low-cost financing to eligible recreational cannabis cultivators, manufacturers and testing laboratories.
The program provides loans for both fixed assets and working capital to help businesses grow and stabilize operations. Fixed asset loans range from $100,000 to $1.5 million, while working capital loans range from $100,000 to $500,000.
Eligible businesses must hold a valid recreational cannabis license issued by the New Jersey Cannabis Regulatory Commission, be based in New Jersey, employ fewer than 250 full-time workers and have been operating for at least one year with annual gross revenues of $5 million or less.
Officials said 5% of the program’s funding will be set aside for businesses located in designated Impact Zones, areas disproportionately affected by past cannabis prohibition policies.
The NJ LEAF program expands the state’s existing cannabis-focused financial tools and is intended to support small businesses while promoting equitable economic development.
More information about the program is available at njeda.gov/nj-leaf or by contacting NJEDA’s business banking division.
