The New Jersey Economic Development Authority (NJEDA) awarded $12 million in grants to 48 cannabis businesses under the state’s new Cannabis Equity Grant Program.
Officials originally earmarked $250,000 grants each for 24 businesses, but additional funding made available by Gov. Phil Murphy meant another 24 recipients were able to benefit, according to a news release.
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Phase 1 of the program, dubbed the Joint Ventures Grant, aims to help entrepreneurs cover the cost of transitioning from a temporary, or conditional, license to an annual permit, the release noted.
Social equity applicants received 40% of this round of funding and 5% are businesses located in “Impact Zones,” or communities disproportionately impacted by prohibition.
“The Cannabis Equity Grant Program allows us to simultaneously 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
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