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New Jersey Invests $12 Million in Cannabis Equity
The fund's expansion aims to uplift communities historically burdened by the War on Drugs, marking a significant stride in promoting equitable cannabis entrepreneurship.
Morristown, NJ - In a pivotal move for cannabis entrepreneurs, particularly those from communities historically scarred by the War on Drugs, the New Jersey Economic Development Authority (NJEDA) has announced a grant of $12 million to 48 cannabis enterprises, doubling the originally slated 24 awards. The augmentation stems from Governor Phil Murphy’s additional allocation of funds.
At the heart of this investment is the intention to dismantle age-old barriers for cannabis businesses, making New Jersey a trailblazer by providing startups with a $250,000 grant, the nation’s most substantial cannabis social equity grant.
The first phase, the Joint Ventures Grant, had launched earlier this year. It aimed to support recreational cannabis startups, ensuring that 40% of its funds would directly benefit social equity applicants, with another 5% set aside for businesses in Impact Zones.
Governor Murphy expressed his commitment to a thriving cannabis sector that leans into equity, stating, “The Cannabis Equity Grant Program allows us to expand the pool of cannabis businesses in our state while also focusing on those communities most impacted by the unethical War on Drugs.”
Gov. Murphy emphasized the aim of cultivating a more robust and equitable cannabis market, pledging to persistently enhance accessibility for small businesses venturing into the domain.
NJEDA's CEO, Tim Sullivan, highlighted the significance of the announced grant recipients and the extra funding, pointing out that it stands as a landmark achievement for their groundbreaking Cannabis Equity Grant Program.
Sullivan said, “Greater investment in the cannabis industry ensures more entrepreneurs, residents, and communities benefit, reversing historical injustices.”
Championing the program's success, Dianna Houenou, Commission Chair, NJCRC, praised NJEDA's collaboration in bringing the program to life, making New Jersey's cannabis market a role model for other states.
Dianna Houenou stated, “We look forward to supporting the NJEDA as they make that happen,” signaling an eager anticipation for deeper investments in social equity businesses.
Tai Cooper, NJEDA’s Chief Community Development Officer, applauded the 48 grant recipients while emphasizing the need to persist in this endeavor, “Despite the presence of well-meaning policies across the country, it remains evident that communities of color hit the hardest by the criminalization of cannabis, continue to reap fewer benefits."
The unveiling of this initiative paves the way for Phase II’s Seed Equity Grant, launching later this year. This phase will commit 100% of its funding exclusively to qualifying social equity applicants, each receiving $150,000 alongside invaluable technical support.
For a comprehensive list of the 48 Joint Ventures Grant recipients and more about the program, interested parties can visit the NJEDA’s official website at http://www.njeda.gov.
