The New Jersey Economic Development Authority (NJEDA) announced that the application for Phase II of its Cannabis Equity Grant Program will open on Nov. 30 at 10:00 a.m. The second phase of the program, offering the largest grant of its kind in the nation, will provide each eligible entrepreneur with a Seed Equity Grant of $150,000 and no-cost technical assistance.
The primary focus for Phase II of program is to ensure the communities most adversely impacted by the war on drugs have both equitable access to the lucrative cannabis industry and the resources needed to flourish. To this end, 100% of the Phase II Seed Equity Grant funding is reserved for qualifying social equity applicants, an increase from the 40% allocation in Phase I.
In addition to the $150,000 in funding, Phase II includes an 8-week technical assistance program for grant recipients. The technical assistance program will provide training on converting a conditional license to an annual license, building a cannabis business team, financial management, securing investors, supply chain management, and more. To assist potential applicants, NJEDA will host a webinar on Nov. 13 at 6:00 p.m.
The Seed Equity Grant will allocate a total of up to $8 million in funding for 48 entrepreneurs. Applicants must meet the New Jersey Cannabis Regulatory Commission’s criteria for social equity and have obtained a conditional license. Unlike with the Phase I Joint Ventures Grant, applicants do not need to have secured real estate or municipal approval. A free eligibility assessment tool is available online for those looking to verify if they meet the requirements. In addition to this, prospective applicants can register here to attend the upcoming Seed Equity Grant webinar on Nov. 13 at 6:00 p.m. to ask questions and receive more information.
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