The New Jersey Economic Development Authority (NJEDA) Board has approved a new $15 million pilot program to bridge capital access gaps for adult-use cannabis cultivators, manufacturers, and testing laboratories. The New Jersey Lending for Equity, Access, and Financing (NJ LEAF) Program will provide low-cost financing of up to $1.5 million to eligible cannabis companies, expanding upon NJEDA's already established cannabis-focused financial tools, empowering small businesses, and advancing the State's commitment to equitable economic development.
The NJ LEAF Program will provide flexible lending options for both fixed assets and working capital, helping eligible businesses grow and stabilize their operations in New Jersey. Fixed asset loan amounts will range from $100,000 to a maximum of $1.5 million, and working capital support loans will extend from $100,000 to a maximum of $500,000. The funding options offer valuable resources for businesses to invest in property, upgrade equipment, and cover day-to-day operational expenses.
Eligible businesses must hold a valid and current adult-use Class 1- Cannabis Cultivator, Class 2 – Cannabis Manufacturer, or Testing Laboratory annual license digital card issued by the New Jersey Cannabis Regulatory Commission (NJCRC). In addition, businesses must be based in New Jersey, employ fewer than 250 full-time employees, and must have been in operation for at least one calendar year with annual gross revenues of $5 million or less.
Read more at New Jersey Business Magazine
