The New Jersey Economic Development Authority (NJEDA) last week announced the creation of a grant program to help small businesses with the costs associated with launching an enterprise in the state’s regulated cannabis industry. Known as the Cannabis Equity Grant Program, the new initiative will distribute up to $10 million in grants, with the majority earmarked for social equity applicants.
The new grant program was approved by a unanimous vote by the NJEDA board at its monthly meeting last week. In a statement, New Jersey Governor Phil Murphy said the grants will help level the playing field for entrepreneurs from
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