The New Jersey Economic Development Authority launched a pilot program that will provide grants of up to $250,000 to entrepreneurs who seek to establish themselves in the state’s legalized cannabis marketplace.
Under the newly created Cannabis Equity Grant Program, up to $10 million in state funding will be made available to help startups with early-stage expenses, such as regulatory fees, rent, utilities, wages, and technical training, NJEDA announced on December 21.
To be eligible for a grant, businesses must meet certain criteria, which include holding a conditional cannabis license, employing 50 or fewer workers, and forming after March 2020.
Sixty percent of the initial round of grants will be disbursed to qualifying social equity applicants, such as those who have previous cannabis convictions or live in economically disadvantaged areas.
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