CANNABIS JOINT EQUITY GRANT PROGRAM

Based on significant interest in the Cannabis Equity – Joint Ventures Grant, the NJEDA has already received applications that are significantly in excess of the amount of funding available under this program at this time. As a result, the application for the Cannabis Equity – Joint Ventures Grant is now closed.

See the list of Cannabis Joint Equity Program Awardees here.

NJEDA is currently developing financial assistance products to support cannabis and cannabis-related businesses – more information will be shared on the NJEDA website, when available.

The Cannabis Equity Grant Program is a $20 million pilot program that is open to conditional and annual New Jersey recreational cannabis license holders. It will utilize a state appropriation to support new businesses in the cannabis industry for their start up and operational costs during the first three years of operation.

DOLLAR AMOUNT

The Joint Ventures grant will award $250,000 grants to eligible businesses.

BENEFITS

Businesses will receive funding for operational costs and will be eligible for technical assistance.

ELIGIBILITY

Qualifications for these businesses include holding a conditional cannabis license, business formation after March 9, 2020, and employing 50 or fewer employees.

The Cannabis Equity Grant Program is aimed at assisting start-ups by providing businesses with grant funding for early-stage start-up expenses and operational costs. There is up to $20 million in state funding available for applicants. $6 million of that state funding will be allocated to the Joint Venture Grant Program.

Applications will be accepted on a rolling basis until funding is exhausted.

Qualifications for eligible businesses include holding a conditional New Jersey recreational cannabis license, business formation after March 9, 2020, and employing 50 or fewer employees. Applicants are limited to one application per federal EIN. Applicants operating from multiple locations under a single EIN are limited to one application under the sole EIN but may pool project costs from multiple locations into a single application.

Requirements for Joint Ventures

Targeted toward entities that are farther along in the licensing process but still have significant carrying costs.
Requires conditional or annual license, secured real estate, and municipal approval (upload information proving approvals).
24 awards
Open to all applicants; 40% set-aside for social equity applicants; 5% set aside for Impact Zones

A Division of Taxation Tax Clearance Certificate is required. Certificates may be requested through the State of New Jersey’s Premier Business Services (PBS) portal online. Under the Tax & Revenue Center, select Tax Services, then select Business Incentive Tax Clearance. If the applicant’s account is in compliance with its tax obligations and no liabilities exist, the Business Incentive Tax Clearance can be printed directly through PBS.

PROGRAM GUIDE

Product Description
Eligibility
Targeted Industries
Fees
Additional Information

Program Specifications Cannabis Equity Grant Program Memo Frequently Asked Questions document checklist

INFORMATIONAL WEBINARS

Joint Ventures Grant Webinars

Thank you for attending the webinar on Tuesday, April 11 at 6:00pm. A recording of the webinar will be posted here when available.

Presentation Slides

Thank you for attending the webinar on Thursday, March 16 at 6:00pm. A recording of the webinar can be accessed here.

Presentation Slides

QUESTIONS

For more information or to ask a specific question please send an email to cannabis@njeda.com and a team member will reach out to you.