The New Jersey Economic Development Authority (NJEDA) announced Tuesday that the agency still has approximately $5 million in funding available for licensed cannabis businesses via the Cannabis Business Development (CBD) Grant Program.
The funding is available in the form of $75,000 reimbursements to help eligible cannabis manufacturers, cultivators, retailers, and testing laboratories. The one-time refund on business expenses is meant to help “alleviate” the costs of maintaining compliance with state and local laws for early-stage cannabis companies.
NJEDA said it has already disbursed $5 million through the program.
Applicants must be licensed by the state and in good standing with regulators, and must submit “at least $75,000 in eligible expenses with supporting documentation and proof of payment.”
The agency also announced 5% of funding will be reserved for businesses in “historically underserved” areas designated by the New Jersey Cannabis Regulatory Commission (NJCRC) based on data including cannabis-related arrests, law enforcement activity, unemployment rates, and poverty. The statute covering the so-called “Impact Zones” aims to help communities disproportionately affected by cannabis prohibition participate in and benefit from the regulated cannabis industry.
