Cannabis industry advocates are applauding the state’s efforts to make sure everyone entering the new market has a fair shot. The New Jersey Economic Development Authority is launching a pilot program to help alleviate some of the costs that startups face. Under the cannabis equity grant program, up to $10 million in funding will be made available, with 60% dedicated to social equity applicants.
“It’s anticipated by 2025 this will be a $2.4 billion industry in New Jersey. That’s fantastic but we also want to make sure that along the way we’re helping those that have been penalized by the system,” said Tai Cooper, the chief community development officer for the EDA. She said the cost of starting a cannabis business can range anywhere from $500,000 to $10 million and the pilot program — which will also provide technical training in the field — is a necessary step to help businesses succeed.
The application process for the equity grant program is expected to open early next year.
