TRENTON, N.J. — The New Jersey Economic Development Authority announced approximately $5 million in funding remains available through its Cannabis Business Development Grant Program, which supports eligible recreational cannabis businesses across the state.
The pilot program provides one-time reimbursements of $75,000 to qualified cannabis cultivators, manufacturers, retailers and testing laboratories to help offset operating expenses and compliance-related costs.
According to the NJEDA, another $5 million has already been distributed through the grant initiative.
The Cannabis Business Development Grant Program is intended to provide financial assistance to early-stage recreational cannabis businesses operating in New Jersey.
Eligible applicants must hold a valid annual license issued by the New Jersey Cannabis Regulatory Commission in one of four categories: Class 1 cultivator, Class 2 manufacturer, Class 5 retailer or testing laboratory.
To qualify, businesses must also submit documentation showing at least $75,000 in eligible expenses and proof of payment.
Officials said 5% of the remaining funding has been reserved for businesses operating within state-designated Impact Zones, areas identified by the NJCRC based on factors including prior cannabis-related arrests, unemployment rates, law enforcement activity and population.
The Impact Zone designation is intended to encourage economic development in historically underserved communities disproportionately affected by past cannabis enforcement policies.
The NJEDA said the grant program is designed to help cannabis entrepreneurs manage startup and operational costs while strengthening New Jersey’s regulated cannabis industry.
Additional eligibility information and application details are available through the NJEDA website.
