Official Site of The State of New Jersey
New Jersey Economic Development Authority (NJEDA) presented the first awards under Cannabis Equity Grant Program on Tuesday, October 3, 2023.
"When we talk about the biggest barriers for cannabis entrepreneurs, access to capital is always the most challenging hurdle to overcome. Today’s announcement marks an important step forward for the market. Because of the NJEDA’s efforts, that access to capital challenge is a little less daunting to their grant awardees.
Congratulations to today’s awardees. Welcome to a growing New Jersey cannabis market. As of today, more than 300 cultivators, manufacturers, dispensaries, and testing laboratories have received initial approval to move towards becoming operational. And that number is growing fast. As of our last public meeting, 1,568 conditional and annual licenses have been awarded, and more are making their way through the application process.
Congratulations to Tim Sullivan, Tai Cooper, and other NJEDA staff on making the Cannabis Equity Grant Program happen. It is a remarkable achievement. Offering these grant awards sets New Jersey as an example of how states can provide financial support for cannabis entrepreneurs.
Even before the official launch of the New Jersey Cannabis Regulatory Commission, we understood that reviewing and awarding licenses could not be the sum total of cannabis work in the state – not if we were to truly realize our vision. Since day 1, the NJEDA has been a willing partner in assisting people hoping to participate in New Jersey’s cannabis market. We established a workgroup that gave us the opportunity to share the Commission’s insights into what was happening with cannabis entrepreneurs here in New Jersey and across the country and to let us share our vision for an equitable New Jersey market - with particular concern for those who lack access to personal capital, or to traditional sources of business funding. I want to thank NJ-CRC Commissioners Charles Barker and Maria Del Cid-Kosso and staff member Wesley McWhite, who worked with the NJEDA in efforts to represent the needs of the cannabis entrepreneurs we felt are most in need of support.
Beyond the skills and business acumen it takes to be an entrepreneur in any industry, starting a cannabis business faces additional challenges – including limited access to traditional means of business funding. Without personal or family resources for capital, many who want to enter the industry will not be able to.
We at the New Jersey Cannabis Regulatory Commission see the hopes and dreams of those cannabis entrepreneurs every day, and we applaud this step towards making some of those dreams come true. We look forward to seeing more dollars injected into grants for local minority-, women-, and disabled veteran-owned and social equity businesses that will create a cannabis market that is also socio-economically diverse." - Dianna Houenou, NJ-CRC Chairwoman