The New Jersey Economic Development Authority (NJEDA) today announced that approximately $5 million in funding is still available for the Cannabis Business Development (CBD) Grant Program. This pilot grant program will offer $75,000 reimbursements to eligible cannabis manufacturers, cultivators, retailers, and testing laboratories in New Jersey. $5 million in funding has already been disbursed through the program.

WHAT: The CBD Grant Program is designed to provide targeted financial support to eligible recreational cannabis entrepreneurs in New Jersey. The program will grant one-time reimbursements of $75,000 to help alleviate and manage the cost of ongoing State and local compliance, as well as operating expenses, for early-stage companies.

Five percent of funding will be made available for businesses operating in New Jersey Cannabis Regulatory Commission (NJCRC) designated Impact Zones, which stimulate economic development in historically underserved areas. These zones are designated by the NJCRC on factors such as past cannabis arrests, law enforcement activity, unemployment, and population. 

WHO: To be eligible for the CBD Grant Program, a business must possess a valid and current NJ Cannabis Regulatory Commission (NJCRC) annual license digital card in one of the following categories: Class 1 (Cultivator), Class 2 (Manufacturer), Class 5 (Retailer), or Testing Laboratory at the time of application. To qualify for the CBD Grant Program, applicants must also submit at least $75,000 in eligible expenses with supporting documentation and proof of payment.

For full eligibility requirements and to apply, click here.