The New Jersey Economic Development Authority is awarding $12 million in joint venture grants to nearly 40 state-licensed dispensaries; the grants are geared toward diverse representatives of communities most affected by the war on drugs.
Some New Jersey Cannabis Dispensaries to Share $12M in State Grants
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Nearly 40 New Jersey cannabis dispensaries will share $12 million in state joint venture grants from the state Economic Development Authority, PIX 11 reports. The grants are geared toward diverse representatives of communities most affected by the war on drugs.
In an interview with PIX 11, Francesca DeRogatis, co-founder and COO of Nightjar which will receive a $250,000 grant, described the program as “really life changing.”
“We can market the business better, so we have the budget now to engage in marketing tactics that we weren’t able to do before. We’ll also be able to hire employees.” — DeRogatis to PIX 11
Jill Cohen, founding owner of Elevated by The Cannaboss Lady Dispensary, said the funds will help her “recoup a lot of those startup costs” which she described as “crippling.”
“You need that working capital to now buy supply and keep payroll going,” she told PIX 11.
The state had initially offered the grants to 24 businesses, but Gov. Phil Murphy (D) opened the program up to 48 businesses.
Tai Cooper, with the New Jersey Economic Development Authority, told PIX 11 that the agency had received about 160 applications within the first hour or so of officials opening the application process on April 20.
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